As we work through challenging times during COVID-19, we are living in a period of historically low interest rates.
Therefore, it is a blessing to see the LLL deposits continue to grow. As at 30 June 2021, total deposits grew by $9.9 million from the previous year. Your trust in LLL to be good stewards with your money is a great honour, which we at the LLL take seriously.
In the 2020-2021 financial year, the LLL approved $60m of new lending to Lutheran Church projects. At the same time, many of our schools have prudently taken advantage of the low interest rate environment to pay down their loans from the LLL. The combination of those means that total funds lent at the end of last year reduced to $260m.
The LLL generated an operating surplus of $3.5m last year, calculated after $3.1m in grants had been allocated. This $3.5m has grown our capital to $144m, and is vitally important for the security of deposited funds. Having a strong capital base is a cornerstone of prudential operation for all ADIs. It also allows us to grow, continue lending and providing support into the future, which we hope will continue for at least the next 100 years.
We are also blessed each year by the extraordinary generosity of people through legacies and donations. Those are added to the LLL’s capital and are used to generate further income and distributions to support the church and to provide the capital for future growth in our lending. A gift to the LLL provides ongoing support to the LCA in perpetuity. Last year, the LLL received $1.9m in legacies and donations, for which we are extremely grateful.
The LLL has only been able to provide this support because of the generosity and support of our community. None of this could happen without our account holders and donors, and we thank and praise God for each and every one of our supporters.
Yours in Christ,
CEO, LLL Australia
Grants and allocations
|African Ministry Fund||11,121||11,121|
|Australian Lutheran World Service (ALWS) Support||78,058||78,058|
|ALWS - Community education in Lutheran schools||65,000||65,000|
|Interest saved on loans||4,095,242|
|LCA & Districts (inc LCA Ministry Support Fund)||869,614||39,480||909,094|
|LCA Administration Support||39,500||39,500|
|LCA Church Worker Support||245,957||245,957|
|LCA GCB Special Fund||100,000||100,000|
|LCA International Mission Support||163,292||163,292|
|LCA Local Mission Support||910,234||910,234|
|LCA Special Ministry Fund||55,562||55,562|
|LCA Training & Development Support||41,886||41,886|
|Lutheran Media Support||16,127||16,127|
|Lutheran Tract Mission||174,401||174,401|
|Mission Outreach Grants||125,000||125,000|
|School Bursary Grants||150,000||150,000|
|Various LCA Projects (Non-interest-bearing Accounts)||264,330||264,330|
|Various aged care organisations||24,386||24,386|
|Various community care projects||22,000||22,000|
|Various conditional donation/legacy recipients||199,081||199,081|
*General Church Board
The LLL prides itself on providing savings accounts that are simple to operate, with a variable interest rate and no fees or charges. The LLL has a variety of savings accounts: personal and joint accounts; guardian accounts for children; and business accounts, including for self-managed super funds and not-for-profit organisations.
As an Authorised Deposit-taking Institution (ADI), the LLL is regulated under the Banking Act and by APRA.