FINANCIAL REPORT
2013-2014
02
Financial Report 201302
2013RHEMA BIBLE COLLEGE
ANNUAL FINANCIAL STA
TEMENTS FOR THE YEAR ENDED 31
JANUAR Y 2014 Financial Report
02
Financial Report 2013COMPREHENSIVE INCOME
Figures in Rand Income ExpensesOperating Loss or profit
Investing Revenue Finance Costs
Deficit for the year
Other comprehensive income
Total Comprehensive Surplus/ (Deficit) for the year
2014 71 833 122 74 616 064 2 782 942 689 130 (1 879 516) (3 973 328) (3 973 328)
RHEMA BIBLE CHURCH NOR
TH
ANNUAL FINANCIAL ST
A
TEMENTS FOR THE YEAR ENDED 31 JANUAR
Y 2014 2013 70 467 982 70 444 081 23 901 658 527 (1 792 316) (1 109 888) (1 109 888)
80,000
60,000
40,000
20,000
0
-20 000
2013
2012
Income
Expenses
Deficit
71.8
74.6
70.4
70.4
3.9
1.1
03
RHEMA BIBLE CHURCH NOR
TH
ANNUAL FINANCIAL ST
ATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
FINANCIAL POSITION
03
2013 Financial Report Figures in Rand ASSETSNon Current Assets Property Plant & Equipment Loan to Group Companies
Current Assets
Trade & Other Receivables Cash & Cash Equivalents
TOTAL ASSETS
EQUITY AND LIABILITIES
Advisory Board’s Funds & Reserves
Reserves
Accumulated Surplus
Liabilities
Non-Current 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
2013 44 201 769 3 361 308 47 563 077 675 765 1 598 993 2 274 758 49 837 835 629 473 8 773 729 19 403 202 -16 675 197 4 004 226 20 679 423 800 000 1 359 062 5 244 216 2 351 932 9 755 210 30 434 633 49 837 835 2012 41 621 566 1 436 717 43 058 283 1 649 756 2 114 854 3 764 610 46 822 893 428 840 22 947 690 23 376 530 19 896 18 403 926 1 013 116 19 436 938 -632 764 2 155 477 1 221 184 4 009 425 23 446 363 46 822 893
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 2013 in an effort to reduce costs. Responsibilities were combined in certain areas resulting in a few postions becoming redundant.
04
Financial Report 2013CASH FLOW
Figures in RandCash 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
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
2013 3 718 324 689 130 (1 879 516) (3 973 328) (5 018 739) -1 944 487 (6 963 226) (928 729) (3 717 408) (6 963 226) (2 788 679) (1 646 609) 893 670 (752 939)
RHEMA BIBLE CHURCH NOR
TH
ANNUAL FINANCIAL ST
A
TEMENTS FOR THE YEAR ENDED 31 DECEMBER 2012
2012 2 454 420 658 527 (1 792 316) (1 320 631) (1 972 869) 747 074 153 558 (1 072 237) (183 879) (20 115) (203 994) (44 400) 849 270 (893 670)
03
RHEMA BIBLE COLLEGE
ANNUAL FINANCIAL ST
ATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
COMPREHENSIVE INCOME
05
2013 Financial Report Figures in Rand Revenue Other Income Operating Expenses Current Assets Operating Loss Investment Revenue Finance Costs LiabilitiesLoss For The Year
Other Comprehensive Income
Total Comprehensive Loss For The Year Total Liabilities 2013 1 117 539 691 283 (2 217 605) (408 783) -(82 858) (491 641) -800 (491 641) 2012 1 272 363 600 000 (1 884 224) (11 861) 1 (72 650) (84 510) -(84 510)
The income to the Church increasedIn 2013 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 2013 to more than 300 students in 2014 of which 123 students are now studying full time online. RBC is also hosting RBC Business School Program with a 150 students in attendance.
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 Non-Current Liabilities Loan Payable Current Liabilities Trade & Other Payables Total Liabilities
TOTAL EQUITY & LIABILITIES
2013 8 080 32 219 50 117 82 336 (1 797 700) 1 337 728 550 388 1 888 116 90 416 2012 12 750 -12 541 25 291 (1 306 059) 1 306 059 353 757 1 329 420 25 291
RHEMA BIBLE COLLEGE
ANNUAL FINANCIAL STA
TEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
FINANCIAL POSITION
Financial
Report
2013
09
Figures in Rand
TOTAL ASSETS
Cash Flows From Operating Activities Cash Receipts from Students
Cash Paid to Suppliers & Employees Cash Generated from (used in) operations Interest Income
Finance Costs
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.
2012 1 263 366 (1 148 630) (115 066) 1 (72 650) (42 417) -(73 259) (73 259) (30 842) 43 383 12 541 2013 1 182 493 (1 426 130) (243 637) -(82 858) (326 495) (66) (1) (67) 364 138 (364 138) (37 576) 12 541 50 117
RHEMA BIBLE COLLEGE
ANNUAL FINANCIAL ST
A
TEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
CASH FLOW
STATEMENT OF
Financial
Report
2013
02
Financial Report 201302
2013RHEMA BIBLE COLLEGE
ANNUAL FINANCIAL STA
TEMENTS FOR THE YEAR ENDED 31
JANUAR Y 2014 Financial Report
08
Financial Report 2013COMPREHENSIVE INCOME
Figures in Rand Revenue Cost of Sales Gross profit Other Income Operating Expenses Operating Loss Investment Revenue Finance CostsLoss For The Year Other Income Other Comprehensive Income Total Comprehensive Loss For The Year
Loss For The Year
Year Ended 31 January 2014 24 625 464 (18 128 806) 74 616 0646 496 658 674 639 (8 416 640) (1 245 343) 9 540 328)9 (295 122) 6 (1 530 925) -(1 530 925) (3 973 328)
RHEMA MINISTRIES ANCILLAR
Y SERVICES
ANNUAL FINANCIAL ST
A
TEMENTS FOR THE YEAR ENDED 31 JANUAR
Y 2014 Yeah Ended 31 January 2013 27 606 875 (20 267 166) 74 616 066 939 709 439 113 (8 429 829)\ 623 32(401 345) (1 625 729) -(1 792 316)
Revenue
C.O.S
Gross Profit
Deficit
22500
15000
7500
0
-7500
R24.6
R 18.1
R 6.4
G.P
G.P
Revenue C.O.S Revenue C.O.S
(1.2)
Loss
Loss
(1.4)
R 27.2
R 16
R 6.9
2014
2013
30000
Rhema Ministries Ancillary Services RMAS com-pirses of the Wholesale and Bookshop Divi-sons. 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
03
RHEMA MINISTRIES ANCILLAR
Y SERVICES
ANNUAL FINANCIAL ST
ATEMENTS FOR THE YEAR ENDED 31 JANUAR
Y 2014
FINANCIAL POSITION
09
2013 Financial Report Figures in Rand ASSETSNon 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
Non-Current 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
Year Ended January 2014 144 490 1 129 725 1 274 215 6 536 560 4 967 362 286 482 11 790 404 13 064 619 410 199 691 616 25 267 717 583 31 657 10 647 603 1 257 577 11 936 837 12 654 420 Year Ended January 2012 151 889 2 573 203 2 725 092 6 776 699 3 979 497 601 015 11 357 204 14 082 296 1 941 124 -55 749 55 749 25 686 10 754 431 1 305 306 12 085 423 12 141 172
STATEMENT OF
10
Financial Report 2013CASH FLOW
Figures in RandCash Flows From Operating Activities
Cash Receipts From Customers Cash Paid To Suppliers & Employees Cash Utilised In Operations
Interest Income Finance Costs
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
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
2014 24 327 912 (26 376 411) (295 122) 9 540 (295 122) (2 334 081) (44 006) -2 135 094 (2 091 088) (23 811) (23 811) (6 963 2) (266 804) (704 291) (971 095) (2 788 679)
RHEMA MINISTRIES ANCILLAR
Y SERVICES
ANNUAL FINANCIAL ST
A
TEMENTS FOR THE YEAR ENDED 31 JANUAR
Y 2014 2013 25 388 525 (23 503 734) (1 884 791) (1 320 623623 (401 345) (1 484 069) (118 477) 7 709 561 868 (672 636) (38 453) (38 453) (772 980) (1 477 271) (704 291) (203 994 (893 670)
Figures in Rand Revenue Cost of Sales Gross Profit/Loss Other Income Operating Income Operating Profit/(Loss) Investment Revenue Finance Costs
Profit/(Loss) For the Year Other Comprehensive Income Total Comprehensive Income/(Loss) for the Year
Figures in Rand ASSETS
Non-Current 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 Enti-ties
Instalment Sale Obligation Trade& Other Payables TOTAL LIABILITIES
TOTAL EQUITY & LIABILITIES 2012 2 990 249 (3 406 031) (415 782) 4 987 635 (4 231 304) 340 549 8 874 (210 873) 138 550 -138 550 2012 926 247 -926 247 920 571 178 151 1 098 722 2 024 969 (2 818 998) 736 556 2 685 144 1 105 306 316 960 4 107 410 4 843 96 2 024 969 2013 2 328 528 -2 3-28 5-28 873 511 104 683 978 194 3 306 722 (3 311 483) 1 634 393 2 419 172 1 421 946 1 142 694 4 983 812 6 618 205 3 306 722 2013 2 942 362 (3 441 685) 499 323 5 071 108 (4 742 024) (170 239) 1 (322 248) (492 486) -(492 486))
Rhema Television’s revenue from broadcasts increased during 2011. Reductions in transmission costs saw a considerable reduc-tion in the cost of sales resulting in a gross profit. Donareduc-tions 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 gen-erous support.
COMPREHENSIVE
INCOME
STATEMENT OF
FINANCIAL
POSITION
STATEMENT OF
Forecast for 2014Rhema Television will incur hugh airing costs in 2014 due to being back on e-TV 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.
11
2013 Financial ReportRHEMA TELEVISION
ANNUAL FINANCIAL ST A12
Financial Report 2013CASH FLOW
Figures in RandCash Flows From Operating Activities
Cash Receipts From Customers Cash Paid To Suppliers & Employees Cash Generated From Operations Interest Income
Finance Costs
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
2013 2 823 173 (1 169 557) (1 653 616) 1 (68 579) (1 585 038) (2 393 343) 40 000 -(2 353 343) (265 971) 960 808 (694 837) (73 468) (6178 151 (104 683) (2 788 679)
RHEMA TELEVISION
ANNUAL FINANCIAL STA
TEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
2012 2 431 302 (1 416 715) (1 014 587) (1 320 628 874 (401 345) (1 019 056) (263 718) 18 194 050 (69 950) (309 374) 1 285 285 (975 911) (26 505) 204 656 (772 (178 151) (203 994 (893 670)
Figures in Rand Revenue Other Income Operating Expenses Operating Surplus Finance Costs Surplus For The Year
Total Comprehensive Income
Figures in Rand ASSETS
Non-Current Assets Property Plant & Equipment 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 2013 350 385 6 085 256 5 331 096 1 104 545 (9 768) (1 094 777) 138 550 2013 5 413 774 5 413 774 397 660 555 570 953 230 6 367 004 (5 912 715) 59 408 149 294 20 850 224 737 394 881 454 289 6 367 004 2014 5 949 912 5 949 912 182 006 390 873 572 979 6 522 891 (6 155 545) 36 551 68 537 23 285 238 973 330 795 367 346 6 522 891 2014 329 897 5 409 212 5 489 369 249 740 (6 910) (242 830) (242 830)
COMPREHENSIVE
INCOME
STATEMENT OF
FINANCIAL
POSITION
STATEMENT OF
13
2013 Financial ReportHANDS OF COMP
ASSION
ANNUAL FINANCIAL ST A14
Financial Report 2013CASH FLOW
Figures in RandCash Flows From Operating Activities
Cash Generated From Operations Finance Costs
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
2014 550 444 6 910 (54 (543 534) (653 381) 46 429 (80 757) (687 709) (20 422) (20 422) (164 597) (6555 570 (390 973) (390 973)
HANDS OF COMP
ASSION
ANNUAL FINANCIAL ST ATEMENTS FOR THE YEAR ENDED 31 MARCH 2014
2013 1 143 012 9 768 (1 133 244) (795 329) 15 791 (33 220) (746 318) (18 265) 1 285 2(18 265) (268 661) 186 909 (203 994) (893 670)
Figures in Rand Revenue Other Income Operating Expenses Operating Surplus/Deficit Investment Revenue Finance Costs Surplus For The Year
Figures in Rand ASSETS
Non-Current Assets Property Plant & Equipment Loans To Related Entities Current Assets
Loans To Related Entities Accounts Receivable Cash and Cash Equivalents TOTAL ASSETS
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 2013 3 078 665 32 205 (3 539 737) 428 967 310 (15 764) (444 421) 2013 4 428 149 11 629 4 439 778 4 734 94 404 240 837 339 975 4 779 753 1 000 000 3 539 370 -87 505 152 878 -240 383 240 383 4 779 753 2014 4 642 879 9 741 4 652 620 8 572 378 577 200 000 587 149 5 239 769 1 000 000 3 574 563 258 797 47 211 99 198 260 000 406 409 665 206 5 239 769 2014 3 540 538 545 847 (4 045 699) 40 686 28 269 (33 762) (35 193)
COMPREHENSIVE
INCOME
STATEMENT OF
FINANCIAL
POSITION
STATEMENT OF
15
2013 Financial ReportRHEMA SERVICE FOUNDA
TION
ANNUAL FINANCIAL ST
A
16
Financial Report 2013CASH FLOW
Figures in RandCash Flows From Operating Activities
Cash Generated From Operations Interest Income
Finance Costs
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
2014 66 026 28 269 (33 762) (71 519) (543 534) (653 381 (130 000) 1 950 (187 821) 218 503 (20 218 503 (40 837) 240 837 (6 (200 000) (390 973)
RHEMA SERVICE FOUNDA
TION
ANNUAL FINANCIAL ST
A
TEMENTS FOR THE YEAR ENDED 31 MARCH 2014
2013 127 301 310 (15 764) (142 755) (795 329) 1 (302 757) (293 383) (138 934) (138 934) (11 694) 229 143 (240 837) (893 670)
Figures in Rand Revenue Other Income Operating Expenses Operating Surplus/Deficit Investment Revenue Finance Costs
Surplus/Deficit For The Year
Figures in Rand ASSETS
Non-Current Assets Property Plant & Equipment Current Assets
Trade & Other Receivables Cash and Cash Equivalents TOTAL ASSETS
EQUITY & LIABILITIES EQUITY
Retained Income LIABILITIES
Non Current Liabilities Loan From Related Entity Current Liabilities Trade & Other Payables TOTAL LIABILITIES
TOTAL EQUITY & LIABILITIES 2013 3 438 009 110 (2 464 967)) (973 152) 1 920 (58 141) (916 931) 2013 11 062 4 439 778 385 691 430 858 816 549 827 611 689 945 11 629 129 037 140 037 827 611 2014 41 209 4 652 620 164 981 777 628 942 609 938 818 428 351 9 741 545 726 555 726 983 818 2014 2 360 375 158 710 (2 777 679) (258 594) -(258 594)
COMPREHENSIVE
INCOME
STATEMENT OF
FINANCIAL
POSITION
STATEMENT OF
17
2013 Financial ReportRHEMA SCHOOL OF NURSING
ANNUAL FINANCIAL ST
A
18
Financial Report 2013CASH FLOW
Figures in RandCash Flows From Operating Activities
Cash Generated From Operations Interest Income
Finance Costs 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
2014 382 460 -(382 460) (543 534) (33 802) -(1 888) (35 690) 346 770 430 858 777 628 (6 (200 000)
RHEMA SCHOOL OF NURSING
ANNUAL FINANCIAL STA
TEMENTS FOR THE YEAR ENDED 31 MARCH 2014
2013 335 149 1 920 (58 141) 30 731 (309 659) (8 967) 271 (298 266) (306 962) 2 697 428 161 430 858
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 RE-TRANSMITTED UNLESS EXPRESSLY PERMITTED BY RHEMA MINISTIRES.
