10 February 2025
LLL is pleased to announce we have completed the transition to become a Religious Charitable Development Fund (RCDF).
We would like to take this opportunity to thank all our customers.
This has been a 14-month journey with you to ensure we can continue and grow our support of the Lutheran Church.
For over a century, LLL has provided business and financial support to the Lutheran Church and its entities including schools, aged care and retirement facilities. We have assisted them in building places of worship, learning environments that inspire young people and accommodation that provides comfort for older people.
In 2022, the Australian Prudential Regulation Authority (APRA) updated a prudential standard which meant LLL would have to significantly reduce our support of the Lutheran Church to continue to comply. As we had no intention of doing this, we determined that it was no longer suitable for LLL to remain an Authorised Deposit-taking Institution (ADI).
We are deeply grateful for the support of our customers as we worked collaboratively with APRA during this transition to a RCDF.
Our financial position remains strong.
Last financial year LLL:
- Generated a Surplus of $12.5m before distributions
- Increased reserves to $173 million
- Recorded total investment of $867 million with 26,000 combined investments and savings accounts (as at June 30)
- Lent $358 million (up 12% on previous financial year)
The Board of LLL recently endorsed a strategic growth agenda and we look forward to expanding our loans and investments into the future.