FINANCIAL REPORT

Transcription

1 FINANCIAL REPORT

2 02 RHEMA BIBLE CHURCH NORTH RHEMA ANNUAL BIBLE FINANCIAL COLLEGE STATEMENTS FOR THE YEAR ENDED 31 JANUARY ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY COMPREHENSIVE INCOME Income Expenses Operating Loss or profit Investing Revenue Deficit for the year Other comprehensive income Total Comprehensive Surplus/ (Deficit) for the year 80,000 60,000 40,000 20, ( ) ( ) ( ) ( ) ( ) ( ) Income Expenses Deficit

3 FINANCIAL POSITION 2012 ASSETS Non Current Assets Property Plant & Equipment Loan to Group Companies Current Assets Trade & Other Receivables Cash & Cash Equivalents TOTAL ASSETS ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER RHEMA BIBLE CHURCH NORTH EQUITY AND LIABILITIES Advisory Board s Funds & Reserves Reserves Accumulated Surplus Liabilities NonCurrent Liabilities Loans From Related Entities Long Term Liabilities Installment Sale Obligations Current Liabilities Other Financial Liabilities Installment Sale Obligations Trade & Other Receivables Bank Overdraft Total Liabilities Total Equity & Liabilities The income to the Church increased by just under 1.9% or R1.36 million. Expenses increased by 5.9% or R4.1million when compared to 2012, which resulted in a deficit of R3.9 million. The Church went through major restructuring in in an effort to reduce costs. Responsibilities were combined in certain areas resulting in a few postions becoming redundant.

4 RHEMA BIBLE CHURCH NORTH ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2012 CASH FLOW Cash Flows From Operating Activities Cash Generated From Operations Property Plant & Equipment Loan to Group Companies Net Cash From Operating Activities Cash Flows From Investing Activities Property, Plant & Equipment Acquired Proceeds on Disposal of Property, Plant & Equipment Movement of Loans From Group Companies Net Cash Flow From Investing Activities Cash Flow From Financing Activities Repayment of Loans Frome Related Entities Installment Sale Payments Net Cash From Financing Activities ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (20 115) ( ) 04 Total Cash Movement For The Year Cash & Cash Equivalents At The Beginning of The Year Total Cash & Cash Equivalents At The End of The Year ( ) ( ) (44 400) ( )

5 COMPREHENSIVE INCOME 2012 RHEMA BIBLE COLLEGE ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER Revenue Other Income Operating Expenses ( ) ( ) Current Assets Operating Loss ( ) (11 861) Investment Revenue Liabilities Loss For The Year Other Comprehensive Income (82 858) ( ) 1 (72 650) (84 510) Total Comprehensive Loss For The Year 800 ( ) (84 510) 03 Total Liabilities 05 The income to the Church increasedin some investments in the online learning system, the RBC website and an investment in a library, are showing rewards with student numbers growing from just more than 50 students in to more than 300 students in of which 123 students are now studying full time online. RBC is also hosting RBC Business School Program with a 150 students in attendance.

6 RHEMA BIBLE COLLEGE ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER FINANCIAL POSITION Figures In Rand ASSETS Non Current Assets Property Plant & Equipment Current Assets Debtors & Other Receivables Cash & Cash Equivalents TOTAL ASSETS EQUITY & LIABILITIES EQUITY Accumulated Losses LIABILITIES NonCurrent Liabilities Loan Payable Current Liabilities Trade & Other Payables Total Liabilities TOTAL EQUITY & LIABILITIES ( ) ( )

7 CASH FLOW TOTAL ASSETS Cash Flows From Operating Activities Cash Receipts from Students Cash Paid to Suppliers & Employees Cash Generated from (used in) operations Interest Income Net Cash From Operating Activities Cash Flow From Investing Activities Purchase of property, Plant & Equipment Sale of property, Plant & Equipment Net Cash Flow from Investing Activities Cash Flow from Financing Activities Finance lease payments Net Cash from Financing Activities Total Cash Movement for the year Cash & Cash Equivalents at the beginning of the year Total Cash & Cash Equivalents at the end of the year ( ) ( ) (82 858) ( ) (66) (1) (67) ( ) (37 576) ( ) ( ) 1 (72 650) (42 417) (73 259) (73 259) (30 842) RHEMA BIBLE COLLEGE ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 09 07

8 RHEMA MINISTRIES ANCILLARY SERVICES ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY RHEMA BIBLE COLLEGE ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY COMPREHENSIVE INCOME Rhema Ministries Ancillary Services RMAS compirses of the Wholesale and Bookshop Divisons. The revenue earned to January 2012 was an improvement of R3.5 million when compared to the previous financial period. As can be seen the gross profit % for the entity remained stable resulting in an increased gross profit of over R1 million. Operating expenses and finance costs increased due to the inclusion of an additional operating month in the reported period resulting in a R1.35 million loss which is a similar overall result as seen in the prior year. The loss for the 13 month period includes the month of January 2011 and months ending 31 December 2011 was reflecting a continued improvement in the performance of RMAS R24.6 R 18.1 Revenue C.O.S R 6.4 G.P (1.2) Revenue Cost of Sales Gross profit Other Income Operating Expenses Operating Loss Investment Revenue Year Ended 31 January ( ) ( ) ( ) )9 ( ) Loss For The Year Other Income6 ( ) Other Comprehensive Income Total Comprehensive Loss For The Year ( ) Loss For The Year R 27.2 Revenue R 16 C.O.S Loss R 6.9 G.P (1.4) Loss ( ) Yeah Ended 31 January ( ) ( )\ ( ) Revenue C.O.S ( ) ( ) Gross Profit Deficit

9 FINANCIAL POSITION Year Ended January Year Ended January 2012 RHEMA MINISTRIES ANCILLARY SERVICES ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY ASSETS Non Current Assets Property Plant & Equipment Loan to Group Companies Current Assets Inventories Trade & Other Receivables Cash & Cash Equivalents TOTAL ASSETS Advisory Board s Funds & Reserves EQUITY Retained Income Liabilities NonCurrent Liabilities Loans From Group Companies Installment Sale Obligation Current Liabilities Installment Sale Obligations Trade & Other Receivables Bank Overdraft Total Liabili Total Liabilities Total Equity & Liabilities

10 RHEMA MINISTRIES ANCILLARY SERVICES ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY CASH FLOW Cash Flows From Operating Activities Cash Receipts From Customers Cash Paid To Suppliers & Employees Cash Utilised In Operations Interest Income Net Cash From Operating Activities Cash Flows From Investing Activities Property, Plant & Equipment Acquired Proceeds on Disposal of Property, Plant & Equipment Movement of Loans From Group Companies Net Cash Flow From Investing Activities Cash Flow From Financing Activities Movement In Installment Sale Agreements Net Cash From Financing Activities ( ) ( ) ( ) ( ) (44 006) ( ) (23 811) (23 811) ( ) ( ) ( ( ) ( ) ( ) ( ) (38 453) (38 453) 10 Total Cash Movement For The Year Cash & Cash Equivalents At The Beginning of The Year Total Cash & Cash Equivalents At The End of The Year ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ( )

11 COMPREHENSIVE INCOME Rhema Television s revenue from broadcasts increased during Reductions in transmission costs saw a considerable reduction in the cost of sales resulting in a gross profit. Donations and offerings to Television increased and support from the Vision Fund was received towards the payment of the edit suite lease. While there was an increase in expenses this was less than the increased income and while a deficit was reported there was a positive movement of R1, 527 million. Rhema Television is our outward evangelical mission to many homes across Africa and we thank the Congregation for their generous support. Revenue Cost of Sales Gross Profit/Loss Other Income Operating Income Operating Profit/(Loss) Investment Revenue Profit/(Loss) For the Year Other Comprehensive Income Total Comprehensive Income/(Loss) for the Year ( ) ( ) ( ) 1 ( ) ( ) ( )) ( ) ( ) ( ) ( ) FINANCIAL POSITION ASSETS NonCurrent Assets Property Plant & Equipment Other Financial Assets Current Assets Trade & Other Receivables Cash & Cash equivalents TOTAL ASSETS EQUITY & LIABILITIES EQUITY Accumulated Loss LIABILITIES Non Current Liabilities Instalment Sale Obligation Current Liabilities Loans from Related Entities Instalment Sale Obligation Trade& Other Payables TOTAL LIABILITIES TOTAL EQUITY & LIABILITIES ( ) ( ) ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER RHEMA TELEVISION 11 Forecast for Rhema Television will incur hugh airing costs in due to being back on etv and commencing with broadcasts on SABC. Television is an effective tool for reaching people who are unable to attend a Church or who are unsaved and therefore forms an important factor within the Missions of Rhema. We are trusting that we can raise the offerings from the Congregation to support this important Ministry.

12 RHEMA TELEVISION ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 12 CASH FLOW Cash Flows From Operating Activities Cash Receipts From Customers Cash Paid To Suppliers & Employees Cash Generated From Operations Interest Income Net Cash From Operating Activities Cash Flows From Investing Activities Property, Plant & Equipment Acquired Proceeds on Disposal of Property, Plant & Equipment Purchase of Financial Assets Net Cash Flow From Investing Activities Cash Flow From Financing Activities Movement In Loans From Related Activities Intalments Sale Agreement Net Cash From Financing Activities Total Cash Movement For The Year Cash & Cash Equivalents At The Beginning of The Year Total Cash & Cash Equivalents At The End of The Year ( ) ( ) 1 (68 579) ( ) ( ) ( ) ( ) ( ) (73 468) ( ( ) ( ) ( ) ( ) ( ( ) ( ) ( ) (69 950) ( ) ( ) (26 505) (772 ( ) ( ( )

13 COMPREHENSIVE INCOME Revenue Other Income Operating Expenses Operating Surplus Surplus For The Year Total Comprehensive Income (6 910) ( ) ( ) (9 768) ( ) FINANCIAL POSITION ASSETS NonCurrent Assets Property Plant & Equipment Current Assets Trade & Other Receivables Cash & Cash equivalents TOTAL ASSETS HANDS OF COMPASSION EQUITY & LIABILITIES EQUITY Accumulated Loss ( ) ( ) ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH LIABILITIES Non Current Liabilities Instalment Sale Obligation Current Liabilities Loans from Related Entities Instalment Sale Obligation Trade & Other Payables TOTAL LIABILITIES TOTAL EQUITY & LIABILITIES

14 14 CASH FLOW Cash Flows From Operating Activities Cash Generated From Operations Net Cash From Operating Activities Cash Flows From Investing Activities Property, Plant & Equipment Acquired Proceeds on Disposal of Property, Plant & Equipment Net Movement In Loans With Related Entities Net Cash Flow From Investing Activities Cash Flow From Financing Activities Finance Lease Payments Net Cash From Financing Activities Total Cash Movement For The Year Cash & Cash Equivalents At The Beginning of The Year Total Cash & Cash Equivalents At The End of The Year (54 ( ) ( ) (80 757) ( ) (20 422) (18 265) (20 422) (18 265) ( ) ( ( ) ( ) HANDS OF COMPASSION ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH ( ) ( ) (33 220) ( ) ( ) ( ) ( )

15 COMPREHENSIVE INCOME Revenue Other Income Operating Expenses Operating Surplus/Deficit Investment Revenue Surplus For The Year ( ) (33 762) (35 193) ( ) (15 764) ( ) FINANCIAL POSITION ASSETS NonCurrent Assets Property Plant & Equipment Loans To Related Entities Current Assets Loans To Related Entities Accounts Receivable Cash and Cash Equivalents TOTAL ASSETS RHEMA SERVICE FOUNDATION ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH EQUITY & LIABILITIES EQUITY Capital Reserve Fund Accumulated Surplus LIABILITIES Non Current Liabilities Long Term Liability Current Liabilities Long Term Liability Accounts Payable Deferred Lotto Grant TOTAL LIABILITIES TOTAL EQUITY & LIABILITIES

16 RHEMA SERVICE FOUNDATION ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 16 CASH FLOW Cash Flows From Operating Activities Cash Generated From Operations Interest Income Net Cash From Operating Activities Cash Flows From Investing Activities Property, Plant & Equipment Acquired Proceeds on Disposal of Property, Plant & Equipment Net Movement In Loans With Related Entities Net Cash Flow From Investing Activities Cash Flow From Financing Activities Finance Lease Payments Net Cash From Financing Activities Total Cash Movement For The Year Cash & Cash Equivalents At The Beginning of The Year Total Cash & Cash Equivalents At The End of The Year (33 762) (71 519) ( ) ( ( ) ( ) ( (40 837) (6 ( ) ( ) (15 764) ( ) ( ) 1 ( ) ( ) ( ) ( ) (11 694) ( ) ( )

17 COMPREHENSIVE INCOME Revenue Other Income Operating Expenses Operating Surplus/Deficit Investment Revenue Surplus/Deficit For The Year ( ) ( ) ( ) ( )) ( ) (58 141) ( ) FINANCIAL POSITION ASSETS NonCurrent Assets Property Plant & Equipment Current Assets Trade & Other Receivables Cash and Cash Equivalents RHEMA SCHOOL OF NURSING TOTAL ASSETS ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH EQUITY & LIABILITIES EQUITY Retained Income LIABILITIES Non Current Liabilities Loan From Related Entity Current Liabilities Trade & Other Payables TOTAL LIABILITIES TOTAL EQUITY & LIABILITIES

18 RHEMA SCHOOL OF NURSING ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH CASH FLOW Cash Flows From Operating Activities Cash Generated From Operations Interest Income Tax Received Net Cash From Operating Activities Cash Flows From Investing Activities Property, Plant & Equipment Acquired Proceeds on Disposal of Property, Plant & Equipment Net Movement In Loans With Related Entities Net Cash Flow From Investing Activities Total Cash Movement For The Year Cash & Cash Equivalents At The Beginning Of The Year Total Cash & Cash Equivalents At The End of The Year ( ) ( ) (33 802) (1 888) (35 690) (6 ( ) (58 141) ( ) (8 967) 271 ( ) ( )

19 ALL CONTENT INCLUDED IN THIS ANNUAL REPORT, SUCH AS TEXT, GRAPHICS, LOGOS, IMAGES IS THE EXCLUSIVE PROPERTY OF RHEMA MINISTRIES. NO LOGO, GRPAHIC, OR IMAGE FROM ANY RHEMA MINISTRIES ANNUAL REPORT MAY BE COPIED OR RETRANSMITTED UNLESS EXPRESSLY PERMITTED BY RHEMA MINISTIRES.