Diocese_Of_Sandhurst_YearInReview_2021

14 Jesus, through one of the most well-known maxims ascribed to him, outlines the fundamental purpose of his life. He states: “I have come that you may have life and have it to the full” (Jn 10:10). In life we each experience highs and lows and, as we have continued to live through a global pandemic again during this past year, we can speak to experiences that evoke a broad range of emotions. I have thought about what it means to “have life to the full”. Working in the Chancery for our parishes and diocesan agencies is, for me, about service to others. Let me elaborate on what this has looked like for the Diocesan Business Manager during 2021. The Diocesan Finance Council recommended a budget to the Bishop for approval and for the 2020/21 financial year. It was with a sense of service to others that the Chancery Team embarked on delivering on those financial expectations in order to support the many diocesan works during a period of great uncertainty. I am pleased to report that we met those expectations and, in doing so, supported many new initiatives which have met the financial obligations held by a Diocesan Bishop. The Commonwealth Government’s Redress Scheme , in which the Diocese is a participant, entered its third year of operation. To date, we have participated in the finalisation of nine applications and made payments amounting to $564,000 to survivors of historical sexual abuse. Financial compensationon its own is never enough to repair the harm inflicted, but financial resources can assist survivors to move towards healing and rebuilding their lives. It is important that we continue to be able to meet our obligations in this regard. Stewardship of our financial resources, in the context of what it means to be a synodal or listening church, are key areas of our focus and planning. Such has been the call on Church resources to fund compensation payments nationally. Catholic Church Insurances (CCI) undertook a capital raising from shareholders in July to ensure it can meet on behalf of policyholders the rising costs of civil claims. In total, $170m in new capital was raised and Sandhurst contributed$2.4minreturnforincreasingitsshareholding in the Company. It is expected that sufficient funds have been provided from the CCI capital raising to meet the future cost of abuse claims. The Diocese has had one civil case mediated this year. The Diocesan Development Fund (DDF) has continued to be an important service provider for parishes and agencies of theDiocese. Despite the frequent interruption to schools due to COVID, there was a continued call for new loans to fund capital works. Loans totalling $18.6m were recommended by the Advisory Board to the Bishop during the 2020/21 financial year. The equity held by the Diocese in the fund grew to $29.1m. All this new loan activity occurred against a backdrop of the Reserve Bank of Australia maintaining the official cash rate at historical lows of 0.10% for much of the year. “ I am truly grateful for the committed service shown by the team of hard-working professionals I am proud to lead ... ” REPORTS From the Business Manager Cameron Fraser with Executive Assistant, Sally Holmes, at the Chancery. Images of former Sandhurst Bishops are behind them. My love for you will not be shaken and my covenant of peace with you will never be removed. remov ed. (Isaiah 54:10)