Prayers unanswered as Anglicans brace for more cuts

From Australia-

THE Anglican Church's Sydney diocese faces another year of belt tightening and cuts to community services after its investment arm warned of a ''substantial reduction'' in its annual payout.

Two years after it lost $160 million because of a high-risk gearing strategy, the investment arm of the country's largest Anglican diocese has blamed a 71 per cent fall in earnings - to $3.2 million for the year to December - on a ''subdued performance'' by the Australian sharemarket. The result would have been worse if not for a $4.5 million rise in the value of its investment in St Andrew's House.

The Glebe Administration Board, which manages the Sydney diocese's endowment fund, has been on a cost-cutting drive since 2008, when its share portfolio crashed during the global financial crisis. It has cut about 10 full-time staff over the past year.


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http://www.smh.com.au/national/prayers-unanswered-as-anglicans-brace-for-more-cuts-20110727-1i077.html#ixzz1TPQhLzlt