INC Annual Report 2025 - Flipbook - Page 18
Operations Board &
INC Invest Advisory
Board Reports
The Operations Board is pleased to report
the INC Group 2024 financial results. Key
performance measures include total annual
income which came to $197.4M, an increase of
10.5% on the 2023 result. INC’s consolidated
total assets came to $321.9M and net assets
reported at $231.3M. The Group’s trading net
surplus was $10.5M while earnings before
interest and depreciation (EBITD) totalled
$24.8M. As a measure of financial performance,
INC’s interest cover based off EBIT came to 5.1
times, well above our external funding covenant
of 1.75 times. These results are extremely
pleasing and underlines the overall health and
strength of our various ministries.
The consolidated results were audited by BDO
Australia, are reported to the Australian Charities
and Not-for-Profit Commission (ACNC) and
made available online to all members of the
public through https://www.inc.org.au.
Projects currently being funded include the
new upper primary school facility at Victory
College. This architecturally designed learning
centre is budgeted at $10M and is nearing
completion. Victory College also officially
opened their gymnasium facility this year.
The rapid development of the Victory campus
reflects the growing population in the Gympie
region and the reputation of Victory College
as a leading provider of quality education.
Completion of the latest building will allow
Victory College to increase student enrolment
to over 1,000 students and in doing so, replicate
the success of Suncoast Christian College,
which experienced similar student enrolment
growth in 2024 following the completion of
their $20M primary school precinct. Other
funded projects in 2024-25 includes building
acquisition, extension and renovation projects
at locations Alive Church Bundaberg, Citipointe
Christian College, UR Church Townsville and
Northpointe Church, Atherton.
INC’s appetite to grow our education and
church ministry mission is indicated by the
amount allocated to investment activities in
2024 which totalled $16M. In addition, in the
first half of 2025, INC through its various local
operations and ministries have made offers
on over $20M in new property and business
acquisitions. This includes an offer to acquire
an existing private school in Canberra, a
proposal facilitated through Suncoast Church
and Impact Church located at Monash, ACT.
While INC’s offer proposal was competitive and
shortlisted, the final decision of new ownership
was made in favour of another well-established,
multi-jurisdictional faith-based school system.
However, this and other assessed opportunities
for ministry growth, currently being pursued,
reflects INC’s growth mindset and strategic
intent.
Over the last 12 months independent
professional property valuations have been
undertaken for INC facilities based at Networx
Church Springwood, Highpoint Business
18
OPERATIONS BOARD & INC INVEST ADVISORY BOARD REPORTS
Centre, Kingdom Hope Holmview, Victory
Church Bridgeman Downs and Citipointe
locations at Carindale, Redcliffe and Pine
Rivers. All seven locations increased in value
with the total market value of these properties
increasing from $77M in 2021 to $102M
currently. The most significant increase being
the Carindale location which was assessed on
a “going concern basis” at $84M in September
2024, representing an increase of $23M over
the last three years.
The INC Invest Advisory Board reported
INC’s loan book, as detailed in the 2024 Loan
Portfolio Report Review, has maintained its
overall sound risk grade with all loans within
arrangements at year end. INC Invest retains
$1.5M in reserves and the Highpoint Business
Centre, the service office of INC Invest, a
further $500k in cash reserves. While INC
Invest helped to absorb RBA interest rate rises
as monetary policy tightened over the course
of 2022-23, the INC Invest Advisory Board is
committed to passing on to borrowing churches
and colleges the full rate reductions as the
interest rate cycle begins to trend downwards.
The RBA reduction in official interest rates of
25 basis points in February 2025 and again in
May 2025 have been passed on in full to all INC
Invest borrowing entities.
Operations Board Chair Ps Josh Usher
extends his thanks to all Operations Board and
ancillary board and local committee members
for their commitment of time and service to the
governance of INC. On behalf of our Boards,
Josh also extends thanks to all pastors and
leaders, and the teams they lead for another
exceptional year. Also, a special thanks to INC
Chair Ps Ross Abraham, the INC Office staff
and the National Executive for their ongoing
support and assistance.
