Church investments yield “better than expected” returns
- Credit: Archant
Income from the Diocese of Ely’s investment portfolio helped produce an accounting surplus of more than £200,000 in 2014, a new report has shown.
According to the diocese’s 2014 annual report, a “better than expected” performance from the church’s investment pot produced £144,000 in interest and dividends.
Other savings in the parsonage portfolio, in IT and in staffing levels in the diocesan office helped boost the total surplus for 2014 to £227,000.
According to the annual report, a large chunk of the surplus would be used to fund a new initiative, called Ely 2025, which aims to develop and expand the church and its buildings across the diocese, as well as targeting support at key areas, over the next 10 years.
Paul Evans, the diocesan secretary, told a meeting of the bishop’s council: “£150k of the surplus would be used to start a new growth fund ‘ELY 2025’ as a means to deliver the criteria set out in the strategy which would be in operation from January 2016.
“ELY 2025 would also consolidate other growth and mission provisions in the general reserve. The fund would be subject to strict application and outcome criteria that would next be discussed by the bishop’s senior staff.”