The Malta Independent 13 August 2022, Saturday

Archdiocese registers €3.4 million surplus, increases its donations by 17%

Semira Abbas Shalan Thursday, 4 August 2022, 12:53 Last update: about 9 days ago

The Archdiocese of Malta registered a surplus of €3.4 million in 2021 and its donations to families and people in need increased by 17% in the same year.

The annual financial results of the Archdiocese of Malta were announced in a press conference at the Archbishop's Curia by the Administrative Secretary of the Archdiocese Michael Pace Ross on Thursday.

In 2021, the Archdiocese registered an increase in revenue of €6.9 million, whilst registering an increase in expenditure of €4.5 million over the previous year. Pace Ross said that two thirds of the expenditure covers the wages of the clergy and laity. The overall expenditure in 2021 amounted to a total of €48,502,530.

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The overall income of the Archdiocese amounted to €51,343,136.

Pace Ross said that the main reason for the surplus was due to the income from the APS Bank dividend, which was not granted the year prior due to restrictions imposed by the European Central Bank during the Covid-19 pandemic.

Other factors included the income from proceeds from the disposal of property and an increase in collections in parishes when compared to 2020.

Collections in parishes, however, did not reach pre-pandemic levels, though there was an increase of 26% when compared to the previous year.

The Curia, which manages the administrative and pastoral activity of the Archdiocese, registered a net deficit of €1,954,379, a decrease from the deficit of €4.5 million the previous year, which was due to the distribution of subsidies to Church entities in order for them to continue their work during the pandemic.

The dividend from APS Bank allowed for the Curia's revenue to increase by €4 million over 2020, amounting to €8,601,956 in revenue in 2021. Expenditure of the Curia also increased to €10 million.

Salaries for Curia employees increased by 17% to improve their competitiveness within the market as a result of a new collective agreement. The Archbishop's Curia paid a taxation charge of almost €480,000 during the year of 2021.

Pace Ross said that the Archdiocese introduced online pastoral catechism for children to continue these lessons online during the pandemic.

He said that the surplus registered in 2021 will help the Church continue its work during this year, considering the effects of the instability of the financial markets caused by inflation and the war in Ukraine, as well as the recovery from the pandemic.

Asked by the media regarding financial issues seen in the year 2022, Pace Ross said that 2022 markets remain nervous and volatile, and admitted that the first six months of the year have been very tough.

Pastoral and other initiatives initiated by the Church in 2021 included the preparation for the Papal visit in Malta, the distribution of food during and post pandemic, ongoing social care for vulnerable families and children, as well as the opening of the Tal-Ibwar Therapeutic Centre by Caritas.

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