You may have read or heard recent media reports about huge losses that the Sydney Anglican Diocese (that’s us!) has incurred on the share market because of the Global Financial Crisis. Unfortunately those reports are true.
Our diocese has central pools of funds (namely, the Diocesan Endowment and The Endowment of the See) which it invests. The income from these investments funds the administration of the diocese (head office), the salaries of bishops and archdeacons and various ministries such as Youthworks (partially), Moore College (partially), Evangelism Ministries and Anglican Media. Some of this money has filtered through to parishes occasionally via grants from Regional Councils for ministry projects.
The size of this investment fund has halved in the last several months (reportedly a loss of over $100 million), with the income available to fund operations also halving. The losses have been made worse by the fact that the diocese had borrowed extra money in order to invest. While this gave bumper returns in a rising market, it has resulted in a whopping loss in the recent crash. I think some valuable lessons have been learned there – and the recriminations have only just begun!
This means that many of the diocesan ministries mentioned above will be scaled back significantly and there will be a “significant restructuring” in head office. It is for this reason that our regional bishop, Peter Tasker, who retired during the week, will not be replaced at least for this year.
Our parish pays its own way and receives no funding from head office, so our financial position here is not affected by these losses. The impact of the diocese’s losses for us will probably be limited to the lack of a regional bishop, a thinner Southern Cross monthly newspaper, and fewer people available to us at Youthworks (or other diocesan bodies). However, it would be a shame if our training colleges need to be scaled down, which would be a longer term hit to God’s kingdom.
Peter Jensen wrote to ministers across the diocese last week, laying out the facts as they stand. He concluded his letter: “We need to be open about our diocesan finances and what it means for our ministries. But we do not need to be downhearted. The Lord still expects us to be engaged in a great endeavour to reach our cities for Christ and he will supply all our needs. He has his plans and his timing. We must respond in prayer and with expectation that he will work out his purposes through us.”
In my opinion, one of the strengths of our diocese is the strongly held belief that the action is in the parishes, not head office. While we receive valuable practical support from head office, our local mission continues regardless of what happens in St. Andrew’s House. Reaching our area with the good news of Jesus remains our responsibility. Much more so now, we cannot expect help from outside. For this reason, I would encourage you to take responsibility by praying, working and giving generously to the work here – including our building project – as you are able.
Steve
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