Archdiocese registers drop in net surplus for 2017

The Archdiocese of Malta registered a net surplus of €370,000 for 2017, down from €1.81m in 2016. 

In its 2017 financial report, the Archdiocese said that its expenditure had increased due to its drive to improve pastoral services. This, it said, resulted in additional employment across all the entities of the Archdiocese. 

The church employs 1,209 people, 883 of which with full-time employment. It also provided remuneration to 262 diocesan priests.

The church also registered an increase in income of €2.10m. Fundraising revenue decreased by €220,000 decline, but was compensated for by an increase of €480,000 in collections and donations from the public. 

The Archdiocese’s financial income from resident’s fees in homes for the elderly also went up, mostly as a result of a public-private partnership (PPP) agreement with the government.  

Government contributions also increased by €1.13m over the previous year, surpassing the €9m mark. 

An 35% in property income was also registered by the Archdiocese.

The church registered an increase of €2.79m in expenditure, with 61% of the total increase going to salaries. 

According to the financial report, operational costs, including works and repairs, increased by €0.83m. 

The church’s donations to people in need, totalled to €433,262, a 6.7% increase over the previous year, while  it  paid €1.11m in taxes. 

Unrealised losses on exchange, greatly affected the 2017 overall result, with €680,425 amounting to the total cost.