Church’s finances in Malta: last year’s surplus making good for impact from Covid-19
A one-off income through shares which two Church entities in Malta received through donation has helped the Archdiocese to end last year with a 3.5 million euro surplus.
This positive outlook, however, is not expected to repeat itself this year, with the Administrative Secretary of the Maltese Church Michael Pace Ross stating last year’s surplus is already not enough to make good for the financial challenges resulting from the pandemic, and the Church had to turn to funds saved in the past.
The Church in Malta has published a financial breakdown for the past year.
The Archdiocese, which encompasses over 100 entities and employs more than 1,300 staff, registered a surplus of 3.5 million euro, compared to the previous year’s 137,000 euro deficit.
The breakdown shows that this result is due mainly to a one-off income of 2.4 million euro in shares received by Dar tal-Providenza and Caritas through a donation.
The financial results for last year show the Archdiocese had an increase in income of nearly six million euro, mainly as a result of capital gains on investment and an increase in dividends from APS Bank.
Increases in income were also registered from exhibitions and public funds, including funds for projects co-funded by the European Union.
Expenditure, on the other hand, increased by 4.8 million euro, including salaries and operational expenses.
Asked by TVM what the forecast looks like for this year as a result of Covid-19, the administrative Secretary said the Church reckons that if matters remain unchanged, it will end 2020 with a loss of between six and eight million euro.