The Anglican Church's Sydney diocese faces another year of belt tightening and cuts to community services after its investment arm warned of a ''substantial reduction'' in its annual payout.
Two years after it lost $160 million because of a high-risk gearing strategy, the investment arm of the country's largest Anglican diocese has blamed a 71 per cent fall in earnings - to $3.2 million for the year to December - on a ''subdued performance'' by the Australian sharemarket. The result would have been worse if not for a $4.5 million rise in the value of its investment in St Andrew's House.
The Glebe Administration Board, which manages the Sydney diocese's endowment fund, has been on a cost-cutting drive since 2008, when its share portfolio crashed during the global financial crisis. It has Anglican Church's Sydney diocese faces another year of belt tightening and cuts to community services after its investment arm warned of a ''substantial reduction'' in its annual payout.
To read more, click here.
No comments:
Post a Comment