Shrewd investments and stock market success brings in more than £1.3 million for Diocese of Ely
PUBLISHED: 15:43 18 June 2013 | UPDATED: 15:43 18 June 2013
THE Diocese of Ely raked in more than £1.3million from its investments and stock market dealings last year, a new report has revealed.
In its annual report, the diocese said that despite low global interest rates, earnings from its portfolio of investments rose from £1,241,270 up to £1,360,817, an increase of an impressive nine per cent.
The report also revealed that the total value of its investments at the start of this year stood at £27,927,432, compared with £27,391,290 a year previously.
Money earned on through the stock markets and from investments now makes up 25 per cent of the diocese’s earnings, which totalled more than £7million in 2012.
In the annual report, the investments sub committee noted: “During the year, the board was able to invest a further £500,000 to global stock markets in an effort to increase income to the diocese.
“Despite global interest rates remaining low throughout the year, investment income rose to £1,360,817 compared with £1,241,270 in the previous year.
“The committee is looking to increase the levels of income achieved from the investment and glebe portfolios in future years in an effort to produce an increase in income of 5 per cent per year.”
‘Glebe’ income to the diocese – land that is rented out for farming and other uses – rose to £417,960 during the year.
Chairman of the diocese’s finance committee is Hugh Duberly, the Lord Lieutenant of Cambridgeshire.
According to annual accounts published by the diocese, there was a surplus of £152,000 last year, with £100,000 of that immediately invested into a fund to promote mission projects across the diocese.
The accounts showed that total income for 2012 was £7,051,000, but that figure is expected to rise by more than £250,000 next year to £7,312,000.