23 Feb Sydney Diocese Aggregated Financial Report (Audited) 2022/23
The 2023 income year resulted in a net income (profit) of $20.85 million compared to $23.6 million in 2022, resulting in a decrease by 11.65%. The overall revenue decreased by $2.19 million mainly due to a drop in Government grants ($2.9 million), donations and building fund income, given the increased inflation and rising of living costs for donors.
The main drivers of the 2023 revenue results are from increases in canteen, church activities and youth income, vacation care centre, student fees, membership fees and rental income. Despite an increase in finance costs by $1.39 million, driven by increased interest rates, the reduction in gifts and donations by $1.01 million resulted in a 1.43% increase in expenses.
The cash and cash equivalents increased by 15.58%, putting the church in a strong position in terms of liquidity. Furthermore, there was a 4.06% increase in property, plant and equipment driven by the increase in land and buildings due to the opening of two vacation centres during the 2023 income year.
In summary, the Diocese is in a strong financial position with accumulated surplus of $246.75 million and net assets of $261.29 million.