Saturday, December 05, 2009

Church posts €1m loss, pledges to soldier on
Saturday, 5th December 2009

Total income amounts to €23m

Claudia Calleja

The Church is calling on the faithful to help it through a financially difficult time after it posted a loss of over €1 million in 2008.

The loss was mainly due to higher expenses on restoration and maintenance works, increased salaries and fluctuations in the exchange rates of the sterling and the dollar, according to the financial report for last year.

Dar tal-Providenza, a Church-run home for people with a disability , also contributed to the loss as the donations drastically dropped by €800,000 in 2008 causing it to register a €100,000 loss.

"We must stress that, despite this loss, the Church will keep up its role in society... The number of lay volunteers, that add up to about 50,000, encourage us to keep up our work," Pastoral Secretary Mgr Charles Cordina insisted.

He explained that the Archbishop's Curia would now explore how losses could be cut by identifying priority areas and controlling expenses. However, he declared, there were no plans to stop any services or close homes.


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