Wages and subsidies increase result in surplus decrease – Archdiocese of Malta

knisja.org/mt

In its financial report, the Archdiocese of Malta announced it registered a decrease of €1.44 million in its net surplus for 2017.

Registered a decrease of €1.44 million in its net surplus to €0.37 down from €1.81 million in 2016.

The Archdiocese of Malta registered a net surplus of €0.89 million after the distribution of subsidies and unrealised losses on exchange.

Subsidies advanced from €0.46 million in 2016 to €0.61 million last year.

An increase in human resources

In its financial report, the Archidiocese of Malta said that there was a significant increase in human resources for its homes for the elderly, homes for children, homes for people with a disability and the Archbishop’s Curia.

1,209 lay people were employed by the Archidiocese on full-tme basis while 262 diocesan priests were provided remuneration.

An increase in operational costs

The Archidiocese of Malta registered an increase in operational costs related to services it offers.

An increase in expenditure for restoration and conversations on property and works of art also went up. Unrealised losses on exchange due to the weakness of the US dollar against the euro had a negative impact. The tax charge for the year amounted to €1.11 million.

You could read a detailed report by clicking this link.

Read the whole statement by clicking this link.

View the financial statement by clicking this link.