Anglican Commissioner Says Asset Value Down 500 Million Pounds
LONDON (AP) _ A Church of England commissioner said Monday the value of church assets dropped nearly $965 million in the past two years.
Sir Douglas Lovelock cited the world recession and said ″We haven’t lost″ that much money.
″Every year our assets are valued. Some years they go up and some years they go down. There is not an institution or company in this country of any size whose capital value has not gone down in the past year or two,″ he said.
The Financial Times on Saturday reported on heavy borrowing by the church to finance speculative developments at the peak of the property boom of the 1980s.
The commissioners manage the state church’s $5.21 billion. Income finances pensions and half the salary of the church’s clergy.
A board of governors, which includes bishops, a member of Parliament, a leading actuary and a former chief executive of a unit trust group, manages the commissioners’ affairs, the newspaper said.