2023 annual report final WEB - Flipbook - Page 12
INC ANNUAL REPORT 2023
Operations Board &
INC Invest Report
FINANCIAL PERFORMANCE
AND POSITION: A YEAR OF
POSITIVE GROWTH
The Operations Board is pleased to
report that INC’s consolidated financial
results for the 2022 calendar year
present another positive performance
and a strong financial position. Key
results include total income at $161.4M
(an increase of 7.1% on the previous
year), total assets of $279.5M and total
net assets of $206M. The earnings
for the Group came to $19.7M before
depreciation and interest expense and
a net surplus of $8.7M. In addition, the
Movement’s interest cover (based on
EBIT or earnings before interest but
after deprecation) was assessed at
9.6 times, well above our minimum
benchmark of 1.75 times.
Overall, this is a pleasing result
and continues the long-term yearon-year income and asset growth
trend. Increased activity, evidenced
by revenue growth and the
substantial investment level made
in 2022, indicates the Movement has
responded well coming out of the
2020-21 pandemic-related conditions.
The annual consolidated results were
audited by BDO Australia and reported
to the Australian Charities and Not-forProfits Commission (ACNC) in line with
the Group’s regulatory requirements.
(1)
Laying a bible in the foundation of the new
Suncoast Christian College building.
09
STRATEGIC INVESTMENTS AND
CONSTRUCTION PROJECTS
Over the last 12 months, major
construction
projects
include
the Suncoast Christian College
primary school signature building(1).
The
building
and
additional
complementary works subsequently
approved will bring the total project
cost to over $22M. Construction
work is being undertaken by national
building company BADGE, who are
incredibly pleased with the progress
to date. The school community is
excited to see the roof now in place
with the fit-out work commencing.
The Suncoast campus is expected to
have over 100 tradespeople working
on-site as the fit-out stage is rolled
out. The new facility will cater to all
primary school students and enable
re-purposing of the existing primary
classrooms for secondary school
use. The signature building, designed
and project managed by well-known
Brisbane-based firm M3 Architecture,
is expected to be completed well
before the end of the year in readiness
for the start of the 2024 school year.
Citipointe North Church, and Citipointe
Christian College. In the second half
of 2022, The Vines Community Church
Muswellbrook(2) purchased a second
property for their Global Care work
and future church services. This
purchase was completed from local
cash reserves without the need for
borrowed funds.
INC INVEST: NAVIGATING
FINANCIAL LANDSCAPES
Funded projects throughout the
Movement continue to receive the
support of INC Invest. Recently the
INC Invest Advisory Board welcomed
a third independent member, Gideon
Bosman, to the Advisory Board. Gideon
is a national commercial business CFO
and previously held a management
role with NAB. An accountant by
qualification, Gideon also serves as an
Operations Board member. Existing
independent members and longstanding advisory board members
Leon Stephan (Managing Partner,
Other projects undertaken over
the last 18 months include the
construction of a new fitness centre
at Victory College as an extension to
the College’s gymnasium. This stateof-the-art facility will be available
for student classes and staff use.
Extension and renovation works have
also taken place at Heartlands Church
Casino, Riverside Church Dubbo(2),
(2)
The Vines Church Muswellbrook foodcare operation plans to move into the lower level
of the new building by September 2023. Featured is a before and after of the facility.
