CHURCH MISSIONARY SOCIETY NSW & ACT LIMITED AND ITS CONTROLLED ENTITIES A.B.N A.C.N DIRECTORS REPORT

Transcription

1

2

3 Directors Report CHURCH MISSIONARY SOCIETY NSW & ACT LIMITED AND ITS CONTROLLED ENTITIES A.B.N A.C.N DIRECTORS REPORT The directors present the report together with the Financial Statements of Church Missionary Society NSW & ACT Limited (CMS NSW & ACT / the Branch ) and its controlled entities for the year ended 30 June CMS NSW & ACT ceased to be an Incorporated Association and became a Company Limited by Guarantee on 18 May 2011 when the Australian Securities and Investments Commission (ASIC) issued its Certificate of Registration. 1. Directors The names of each director who has been a director during the year and to the date of this report are: Mr Alastair Christie Mr Angus Belling, resigned 7 December 2015 Mrs Christine McComb Rev David Clarke Miss Faith Blake Dr Ian McFarlane Mr John Chapman, resigned 16 November 2015 Mrs Kathryn Thompson Rev Malcolm Richards Mr Robert McPaul Ms Stephanie Menear, since 18 April Short and long term objectives CMS NSW & ACT is a member of Church Missionary Society Australia Ltd (CMS-A) and is a fellowship of Christian people committed to take part together in World Mission. The company is committed to working with other member branches of CMS-A to further the work of CMS-A in partnership and cooperation with CMS-A, through its missionaries in North Australia and overseas. The objects of CMS NSW & ACT are to facilitate the work of CMS-A for the extension of God's Kingdom through the proclamation of the gospel of Christ throughout the world in fellowship with local churches (in NSW and the ACT) and, subject to its constitution, to: a. identify, encourage and send suitable missionary candidates to serve as missionaries with CMS-A overseas and to North Australia; b. deepen Christian commitment to world evangelism and its attendant social responsibilities particularly in New South Wales and the Australian Capital Territory; c. support missionaries of CMS-A and their work by prayer, giving and pastoral care; d. support cross-cultural evangelism especially overseas and in North Australia; e. help educate Christians and the Australian Church in their responsibilities to this world wide mission; and Page 3 of 34

4

5

6

7

8

9

10

11 CHURCH MISSIONARY SOCIETY NSW & ACT LIMITED AND ITS CONTROLLED ENTITIES A.B.N A.C.N STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2016 Note NSW & ACT Branch Consolidated $ $ $ $ Current Assets Cash and cash equivalents 14 5,256,115 4,772,704 6,765,631 5,297,700 Trade and other receivables 7 338, , , ,166 Financial assets 8 175, , , ,582 Property held for sale 9 960, , ,000 Total Current Assets 6,729,247 5,436,003 8,244,644 6,872,448 Non-Current Assets Financial assets 8 400, , , ,000 Property 10 1,836,000 2,298,858 16,668,001 14,459,254 Plant and equipment , , , ,224 Total Non-Current Assets 2,747,792 3,180,082 17,579,793 15,340,478 Total Assets 9,477,040 8,616,084 25,824,437 22,212,926 Current Liabilities Trade and other payables , , , ,218 Short-term borrowings 12 1,081,360 1,025,660 1,081,360 1,025,660 Provisions , , , ,749 Total Current Liabilities 1,556,991 1,530,727 1,566,890 1,533,627 Non-Current Liabilities Provisions 13 40,234 23,868 40,234 23,868 Total Non-Current Liabilities 40,234 23,868 40,234 23,868 Total Liabilities 1,597,225 1,554,595 1,607,124 1,557,495 Net Assets 7,879,814 7,061,489 24,217,313 20,655,431 Equity Accumulated Surplus 1,582,035 1,506,500 2,494,812 1,999,468 Revenue s 4,048,622 3,787,548 4,800,314 4,539,241 Capital s 2,249,157 1,767,441 16,922,186 14,116,722 Total Equity 7,879,814 7,061,489 24,217,313 20,655,431 The accompanying notes form part of these financial statements. Page 11 of 34

12

13 CHURCH MISSIONARY SOCIETY NSW & ACT LIMITED AND ITS CONTROLLED ENTITIES A.B.N A.C.N STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE CMS NSW & ACT (PARENT ENTITY) - ACCUMULATED SURPLUS AND REVENUE RESERVES Accum. Surplus (a) (b) (c) (d) (e) (f) (g) (h) (i) (j) (k) (l) Building Maint. Capital Housing Computer Equip. IT Renewal Project Katoomba Property Maint. Legacies Equalisation Fund Missionary Housing Mission Aid Group Motor Vehicle Office Equip. Staff Housing Replace. Telephone Replace. $ $ $ $ $ $ $ $ $ $ $ $ $ $ Total Revenue s Balance at 30 June ,740, ,265-50, ,000 40,869 2,325, , , ,000-1,898,759 32,592 5,414,505 Surplus for the year ended 30 June 2015 (187,695) - Surplus transferred to Branch reserves (48,000) 12,000 36,000 48,000 Surplus transferred from Branch reserves 1,461 (1,461) (1,461) Transferred to new Capital Housing 861,543 (391,612) (158,000) (311,931) - Transferred to new Office Equipment (62,000) 94,592 (32,592) - Transferred from (to) Capital s (1,586,828) (1,586,828) Legacies Equalisation Fund Appropriations (778,797) (778,797) Receipts 707, ,426 Payments (15,297) (15,297) Balance at 30 June ,506, , , ,000 25,572 2,254, ,047-94, ,787,548 Surplus for the year ended 30 June ,176 - Surplus transferred to Branch reserves - - Surplus transferred from Branch reserves 53,359 (53,359) (53,359) Legacies Equalisation Fund Appropriations (918,464) (918,464) Receipts 1,232,897 1,232,897 Payments - Balance at 30 June ,582, , , ,000 25,572 2,568,962-84,688-94, ,048,622 Descriptions (a) Building Maintenance : Records amounts set aside to contribute to the cost of maintaining staff and missionary houses. (b) Capital Housing : Records amounts set aside to contribute to the purchasing cost of new houses. (c) Computer Equipment : Formerly recorded amounts set aside to contribute to the purchasing cost of replacing office computer equipment. (d) IT Renewal Project: Records amounts set aside and funded from CMS Trust Ltd's Accumulated Surplus for the upgrade of the Branch's information system. (e) Katoomba Property Maintenance : Records amounts set aside to contribute to the cost of maintaining the CMS Conference Centre, Katoomba. (f) Legacies Equalisation Fund: Records the balance of legacies received to date and yet to be taken into income under the Branch's 5 year averaging policy. (g) Missionary Housing : Formerly recorded amounts set aside to contribute to the purchasing cost of new missionary houses. (h) Mission Aid Group : Records the surplus or deficit arising from the operations of the Mission Aid Group (an auxiliary of the Branch). (i) Motor Vehicle : Formerly recorded amounts set aside to contribute to the purchasing cost of replacing office staff motor vehicles. (j) Office Equipment : Records amounts set aside to contribute to the purchasing cost of replacing office quipment. (k) Staff Housing Replacement : Formerly recorded amounts set aside to contribute to the purchasing cost of a replacement staff house. (l) Telephone Replacement : Formerly recorded amounts set aside to contribute to the purchasing cost of a replacement telephone system. Page 13 of 34

14

15 CHURCH MISSIONARY SOCIETY NSW & ACT LIMITED AND ITS CONTROLLED ENTITIES A.B.N A.C.N STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2016 (CONTINUED) 3. GROUP (ECONOMIC ENTITY) - ACCUMULATED SURPLUS AND REVENUE RESERVES Accum. Surplus (a) (b) (c) (d) (e) (f) (g) (h) (i) (j) (k) (l) (m) Building Maint. Capital Housing Computer Equip. IT Renewal Project Katoomba Property Maint. Legacies Equalisation Fund Missionary Housing Mission Aid Group Motor Vehicle Office Accomm. Office Equipment Staff Housing Replace. Telephone Replace. $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Total Revenue s Balance at 30 June ,220, ,265-50, ,000 40,869 2,325, , , , ,692-1,898,759 32,592 6,166,198 Surplus for the year ended 30 June 2015 (163,480) Surplus transferred to revenue reserves (48,000) 12,000 36,000 48,000 Surplus transferred from revenue reserves 1,461 (1,461) (1,461) Transferred to new Capital Housing 861,543 (391,612) (158,000) (311,931) - Transferred to new Office Equipment (62,000) 94,592 (32,592) - Revenue reserves transferred from (to) surplus - Transferred from (to) Capital s (1,586,828) (1,586,828) Transferred from (to) CMS Trust reserves (11,349) - Legacies Equalisation Fund Appropriations (778,797) (778,797) Receipts 707, ,426 Payments (15,297) (15,297) Balance at 30 June ,999, , , ,000 25,572 2,254, , ,692 94, ,539,241 Surplus for the year ended 30 June ,135 Surplus transferred from revenue reserves 53,359 (53,359) (53,359) Investment Income Transferred from (to) CMS Trust Capital reserves (2,149) - Legacies Equalisation Fund - Appropriations (918,464) (918,464) Receipts 1,232,897 1,232,897 Payments - Balance at 30 June ,494, , , ,000 25,572 2,568,962-84, ,692 94, ,800,314 Descriptions (a) Building Maintenance : Records amounts set aside to contribute to the cost of maintaining staff and missionary houses. (b) Capital Housing : Records amounts set aside to contribute to the purchasing cost of new houses. (c) Computer Equipment : Formerly recorded amounts set aside to contribute to the purchasing cost of replacing office computer equipment. (d) IT Renewal Project: Records amounts set aside and funded from CMS Trust Ltd's Accumulated Surplus for the upgrade of the Branch's information system. (e) Katoomba Property Maintenance : Records amounts set aside to contribute to the cost of maintaining the CMS Conference Centre, Katoomba. (f) Legacies Equalisation Fund: Records the balance of legacies received to date and yet to be taken into income under the Branch's 5 year averaging policy. (g) Missionary Housing : Formerly recorded amounts set aside to contribute to the purchasing cost of new missionary houses. (h) Mission Aid Group : Records the surplus or deficit arising from the operations of the Mission Aid Group (an auxiliary of the Branch). (i) Motor Vehicle : Formerly recorded amounts set aside to contribute to the purchasing cost of replacing office staff motor vehicles. (j) Office Accommodation : Records the surplus or deficit arising from the ownership and operation of the economic entity's office premises. (k) Office Equipment Records amounts set aside to contribute to the purchasing cost of replacing office quipment. (l) Staff Housing Replacement : Formerly recorded amounts set aside to contribute to the purchasing cost of a replacement staff house. (m) Telephone Replacement : Formerly recorded amounts set aside to contribute to the purchasing cost of a replacement telephone system. Page 15 of 34

16

17 CHURCH MISSIONARY SOCIETY NSW & ACT LIMITED AND ITS CONTROLLED ENTITIES A.B.N A.C.N NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016 Note 1 Summary of Significant Accounting Policies Church Missionary Society NSW & ACT Limited is a company limited by guarantee, incorporated and domiciled in Australia. The Company is primarily involved in sending Christian missionaries overseas and to North Australia. The registered office of the Company is: Church Missionary Society NSW & ACT Ltd Level 5, 51 Druitt St SYDNEY NSW 2000 The principal places of business are: Church Missionary Society NSW & ACT Ltd Level 5, 51 Druitt St SYDNEY NSW 2000 Church Missionary Society Trust Ltd Level 5, 51 Druitt St SYDNEY NSW 2000 CMS Conference Centre 2 Violet Street KATOOMBA NSW 2780 Basis of Preparation The directors have prepared the financial statements on the basis that the company is a nonreporting entity because there are no users who are dependent on its general purpose financial statements. These financial statements are therefore special purpose financial statements that have been prepared in order to meet the requirements of the Australian Charities and Not-for-profits Commission Act The financial statements have been prepared in accordance with the mandatory Australian Accounting Standards applicable to entities reporting under the Australian Charities and Notfor-profits Commission Act 2012 and the significant accounting policies disclosed below, which the directors have determined are appropriate to meet the needs of members. Such accounting policies are consistent with those of previous periods unless stated otherwise. The financial statements, except for the cash flow information, have been prepared on an accruals basis and are based on historical costs unless otherwise stated in the notes. Material accounting policies adopted in the preparation of these financial statements are presented below and have been consistently applied unless stated otherwise. The amounts presented in the financial statements have been rounded to the nearest dollar. Accounting Policies a. Revenue Donations from individuals and churches are recognised as revenue when received. Legacies received are retained in the Legacies Equalisation Fund and appropriated over a sixty month period beginning the month following receipt date. Page 17 of 34

18

19 CHURCH MISSIONARY SOCIETY NSW & ACT LIMITED AND ITS CONTROLLED ENTITIES A.B.N A.C.N NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016 Freehold Property Freehold land and buildings are shown at their cost or fair value based on periodic, but at least triennial, valuations by external independent valuers. Land and buildings are not depreciated. In periods when freehold land and buildings are not subject to an independent valuation, the directors conduct directors valuations to ensure the carrying amount of land and buildings is not materially different to the fair value. Increases in the carrying amount arising on revaluation of land and buildings are recognised in the asset revaluation reserve in equity. Revaluation decreases that offset previous increases of the same class of assets shall be recognised in other comprehensive income under the heading Revaluation Surplus. All other decreases are charged to the statement of comprehensive income. Freehold land and buildings that have been contributed at no cost, or for nominal cost, are valued and recognised at the fair value of the asset at the date of acquisition. Plant and equipment Plant and equipment is valued at cost less depreciation and impairment losses. Plant and equipment that has been contributed at no cost, or for nominal cost, is valued and recognised at the fair value of the asset at the date of acquisition. Depreciation Land and buildings are not depreciated. All items of plant and equipment are depreciated on a straight line basis over their useful lives. Depreciation on all plant and equipment used in the Branch s operations is included in the Group s Administration expenses. The depreciation rate used for each class of depreciable asset is: Computer equipment 33.33% Computer software 20.00% Mission Education equipment 20.00% Motor vehicles 20.00% Office furniture and equipment 20.00% Household items 20.00% Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains or losses are included in the statement of comprehensive income. When revalued assets are sold, amounts included in the revaluation reserve relating to that asset are transferred to retained earnings. Page 19 of 34

20

21 CHURCH MISSIONARY SOCIETY NSW & ACT LIMITED AND ITS CONTROLLED ENTITIES A.B.N A.C.N NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016 i. Employee Benefits Provision is made for the entity s liability for employee benefits arising from services rendered by employees to balance date. Employee benefits that are expected to be settled within one year have been measured at the amount expected to be paid when the liability is settled. Employee benefits payable later than one year have been measured at the present value of the estimated future cash outflows to be made for those benefits. Contributions are made by the entity to an employee superannuation fund and are charged as expenses when incurred. j. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of six months or less. k. Trade and Other Payables Trade and other payables represent the liability outstanding at the end of the reporting period for goods and services received by the company during the reporting period which remain unpaid. The balance is recognised as a current liability with the amounts normally paid within 30 days of recognition of the liability. l. Members Interest-Free Loans Scheme On 24 September 2014, the Branch registered an Identification Statement with the Australian Securities and Investments Commission (ASIC) within the terms of ASIC class order CO 02/184 (Charitable investment schemes fundraising) as amended by Class Order CO 04/1569 (Charitable investment schemes amendment). The class order provides exemption from compliance with Parts 6D.2 and 6D.3 of the Corporations Act in relation to the Branch s Members Interest-Free Loans Scheme for as long as all the conditions of the class order are met. Under the terms of the Members Interest-Free Loans Scheme, neither the Branch nor Church Missionary Society Trust Limited (ABN ) promise or guarantee repayment of the members loans. These loans are repayable at 7 days call. m. Goods and Services Tax (GST) Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Tax Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in the statement of financial position are shown exclusive of GST. The net amount of GST recoverable from, or payable to, the ATO is included as part of receivables or payables in the statement of financial position. The cash flows are presented in the cash flow statement exclusive of GST. Page 21 of 34

22

23 CHURCH MISSIONARY SOCIETY NSW & ACT LIMITED AND ITS CONTROLLED ENTITIES A.B.N A.C.N NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016 Valuation of Investments The fair value of listed shares has been determined by reference to published price quotations in an active market. Movements in fair value are recognised directly in equity. s. Principles of Consolidation A controlled entity is any entity controlled by the Branch. Control exists where the Branch has the capacity to dominate the decision-making in relation to the financial and operating policies of another entity so that the other entity operates with the Branch to achieve the objectives of the Branch. A list of controlled entities is contained in Note 2 to the financial statements. All inter-entity balances and transactions between entities in the economic entity, including any unrealised profits or losses, have been eliminated on consolidation. Where controlled entities have entered or left the economic entity during the year, their operating results have been included from the date control was obtained or until the date control ceased. There are no outside interests in the equity or results of controlled entities. Note 2 Controlled Entities All entities in the group were incorporated or established in Australia, and are 100% controlled. Parent Entity Church Missionary Society NSW & ACT Limited (the Branch) Controlled Entities Church Missionary Society Trust Limited (ABN ), which administers the following: 1. Branch General Funds Holds real estate property and fittings at: a. Level 5, 51 Druitt Street, Sydney, used by the Branch Office. b. 2 Violet Street, Katoomba, used by the CMS Conference Centre. c. 32 Lochinvar Parade, Carlingford, used by Branch staff. 2. Missionary Accommodation Fund Holds residential properties in the Sydney metropolitan area, used to accommodate missionaries on home assignment. 3. The 'Church of England Evangelical Trust' Trust Trust established under an order of the Supreme Court of NSW (2 September 1977). Assets are held for the purpose of providing accommodation for the benefit of persons whether male or female (and their dependants) who: - are of limited means - are members of the Church of England in Australia Page 23 of 34

24

25 Note NSW & ACT Branch Consolidated $ $ $ $ Note 3 - Donations Revenue Contributions from churches Anglican Churches 2,191,726 2,156,419 2,191,726 2,156,419 Non-Anglican churches 251, , , ,829 Total contributions from churches 2,443,613 2,423,248 2,443,613 2,423,248 Contributions from individuals Contributions from members and supporters 3,282,636 3,178,724 3,282,636 3,178,724 Contributions to Tax Deductible Funds 1,329,010 1,355,833 1,329,010 1,355,833 Total contributions from individuals 4,611,646 4,534,557 4,611,646 4,534,557 Total contributions 7,055,259 6,957,805 7,055,259 6,957,805 Note 4 - Legacies Legacies income comprises: Distributions from the Timmis Charitable Trust (a) 39,117 46,046 39,117 46,046 Legacies received during financial year (Cash) 1,232, ,426 1,232, ,426 1,272, ,471 1,272, ,471 Five year average available from Legacies Equalisation 1(a) 918, , , ,797 Legacies revenue reported in Income Statement 957, , , ,842 Diiference between legacies received in cash and legacies transferred from Legacies Equalisation 314,433 (71,371) 314,433 (71,371) Net appropriation from (to) Legacies Equalisation (314,433) 71,371 (314,433) 71,371 Note 5 - Missionary Support (Paid to CMS - Australia Ltd) The distribution to CMS Australia Ltd is comprised of the following items: CHURCH MISSIONARY SOCIETY NSW & ACT LIMITED AND ITS CONTROLLED ENTITIES A.B.N A.C.N NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016 Note (a): During the year the Branch received $39,117 (2015 $46,046) from the William Guy Timmis and Elizabeth Mary Dawn Timmis Charitable Trust. The trust is administered by Perpetual Trustees Australia Limited, who has advised that at 30 June 2016 the Trust had net assets of $1,293,332 (2015: $1,296,354), at market value. The Branch does not have an interest in the net assets of the trust. Receipts issued on behalf of CMS - Australia Ltd as sponsor of the following tax deductible funds: Aboriginal Missionary Work in Northern Australia 28,490 79,062 28,490 79,062 CMS Australia Ancillary Fund 759, , , ,924 CMS Overseas Aid Fund 534, , , ,342 St Andrew's Hall Building Fund 6,970 17,505 6,970 17,505 1,329,010 1,355,833 1,329,010 1,355,833 Contributions from Mission Support Fund 4,801,610 4,700,519 4,801,610 4,700,519 Total contributions to CMS Australia Ltd 6,130,620 6,056,352 6,130,620 6,056,352 Page 25 of 34

26

27 Note 9 - Property Held for Sale Note NSW & ACT Branch Consolidated $ $ $ $ At fair value (Directors' valuation ) Balgowlah ,000 Revesby 960, , , , ,000 Movements in properties held for sale during the year comprise: Opening balance ,000 - Properties sold - - (450,000) - Properties transferred from freehold land and buildings 719, , ,200 Revaluation increment on property being valued at fair value 240, , ,800 Closing balance 960, , ,000 Note (a): The freestanding house in Revesby was sold for $985,000 and settement ocurred on 11 July 2016 Note 10 - Property, plant and equipment CHURCH MISSIONARY SOCIETY NSW & ACT LIMITED AND ITS CONTROLLED ENTITIES A.B.N A.C.N NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016 Freehold land and buildings - at cost at fair value (see notes below) Ashbury - - 1,147, ,535 Carlingford - - 1,125, ,302 Chatswood , ,655 Croydon Park , ,760 Druitt Street - - 6,660,000 5,660,460 Dundas Unit , ,700 Dundas Unit , ,873 Dundas Unit , ,700 Katoomba Conference Centre - - 1,800,000 1,918,800 Mascot (b) 1,080, ,460 1,080, ,460 Peakhurst 756, , , ,848 Revesby (b) - 719, ,550 Riverwood , ,610 - at nominal value Residential Unit at Mowll Village ,836,000 2,298,858 16,668,001 14,459,254 Total freehold land and buildings 1,836,000 2,298,858 16,668,001 14,459,254 Note (a): 2016 fair values were calculated as 90% of the 2016 independent valuation provided by Herron Todd White (AAPI Certified Practising Valuers) Note (b): Properties in Mascot and Revesby are held by CMS Trust Ltd on bahalf of the Branch. Directors have resolved to recognise these properties in the Branch's Balance Sheet. Page 27 of 34

28

29 CHURCH MISSIONARY SOCIETY NSW & ACT LIMITED AND ITS CONTROLLED ENTITIES A.B.N A.C.N NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016 Note 11 - Trade and Other Payables Note NSW & ACT Branch Consolidated $ $ $ $ Current - unsecured Sundry creditors and accruals 153, , , ,449 Income in advance 125, , , ,406 Ministry expense accounts 29,391 23,583 29,391 23,583 PAYG tax payable 20,809 20,539 20,809 20,539 Superannuation payable 24,817 19,658 24,817 19,658 GST paid and collected (18,138) (10,568) (18,138) (10,568) Eastwood property management (400) (350) (400) (350) Rental Bond 27,500 27,500 27,500 27, , , , ,218 Note 12 - Short-Term Borrowings Unsecured Members' interest free loans 1(l) 1,081,360 1,025,660 1,081,360 1,025,660 1,081,360 1,025,660 1,081,360 1,025,660 Note 13 - Provisions Current Annual leave 85,001 67,203 85,001 67,203 Long service leave 27,270 35,546 27,270 35, , , , ,749 Non-Current Long service leave 40,234 23,868 40,234 23,868 40,234 23,868 40,234 23,868 Movements in provisions Annual leave Opening balance 67,203 68,657 67,203 68,657 Increase (decrease) in provision required at year end 17,798 (1,454) 17,798 (1,454) Closing balance 85,001 67,203 85,001 67,203 Long service leave Opening balance 59,414 56,198 59,414 56,198 Increase (decrease) in provision required at year end charged as an expense 8,090 3,216 8,090 3,216 Closing balance 67,504 59,414 67,504 59,414 Page 29 of 34

30

31 CHURCH MISSIONARY SOCIETY NSW & ACT LIMITED AND ITS CONTROLLED ENTITIES A.B.N A.C.N NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016 Note 15 Commitments at Balance Date Note NSW & ACT Branch Consolidated $ $ $ $ - A contract for the sale of the freestanding house in Revesby was entered and settlement occurrred on 11 July 2016 for $985,000 - A contract for the purchase of a strata title townhouse in Peakhurst was entered and settlement occurrred on 20 July 2016 for $910,000 Note 16 - Related Party Transactions Transactions with members of General Committee and a Director of CMS Trust Ltd: Mr Ian Miller, a partner in the legal firm Hunt & Hunt, provides legal services to the Group at discounted rates. The total paid to Hunt & Hunt during the year was: 5,180 2,855 5,180 2,855 Page 31 of 34

32

33

34