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Chairman’s Annual Report 2003
It has been my privilege to serve as Chairman of the Foundation
since 1997. I have advised my fellow Trustees that I will not be available
to continue as Chairman after the end of 2003 and so this will be my final
report.
Property Investments. Last year I reported that we purchased a large
building in Newton, Auckland which we intended to hold as a short term
commercial rental investment.
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Colin J Cliffe, Chairman. |
Early this year, we received an offer which led to our selling the
building for a substantial gain. As part of the funding of the Newton
property, we also sold our rental property in Exmouth Street; this sale was
completed early in 2003. The net gain on these two transaction amounted to
just over $379,000.
Another property in Hobson Street, Auckland, was then purchased through
Bible College Securities Limited, a company wholly owned by the Foundation.
This purchase was funded by an interest bearing, unsecured loan from the
Foundation. This was also intended to be a commercial rental investment, but
again we received an offer resulting in the sale of the building for a gain
of $180,000; this gain was offset by costs incurred by Bible College
Securities of just over $93,000 (including interest paid to the Foundation)
resulting in a net income of just under $89,000 for this company.
In addition, the Foundation also had an operating surplus of just under
$159,000.
Therefore the combined consolidated income for both entities, including
net capital gains, amounted to almost $650,000! We stand amazed and
exceedingly thankful to God for this extraordinary result.
Mr John Bergin has been engaged in promoting the work of the Foundation
this year.
This has resulted in a new Foundation web site (www.biblecollegefoundation.co.nz),
a much improved annual report, a new Foundation brochure and material for
promoting bequests.
Our assistance to Bible College has continued by means of grants from the
various funds we administer totalling $150,000 ($132,000 last year) and
administering loans to regional learning centres for their projects. This
year we have repaid two loans totalling $20,000 on behalf of regional
learning centres which eases their cash flow requirements.
The Bible College received the gift of a property in Matamata, subject to
the life tenancy of the donor. During 2003, the College has asked the
Foundation to hold this property on their behalf.
The Bible College Foundation was founded by and exists for the benefit of
the Bible College of New Zealand. During the year, the constitution of the
Foundation was revised. The President of the Bible College continues to be
an ex officio Trustee of the Foundation. In addition, two Trustees are
required to be members of the National Council of the College. The
Foundation has also adopted the new Statement of Faith of the College. The
Foundation and the College are thus closely linked but separate
organisations.
Mr Brian Hathaway, as National Principal of the College, attended
meetings of Trustees as a representative of the College. His sudden and
untimely death on 5th October last was both a shock and a loss to the
Trustees who have greatly appreciated and valued Brian’s contribution to the
Foundation and his vital role in maintaining good communication between the
two organisations.
We send you this report both to thank you for your continued interest in
and support of the Foundation and to encourage you in the way God has
provided for us this year.
Colin J Cliffe,
Chairman.
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Download the
full Annual Report PDF file (305 Kb).
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