The Church's finances saw a turnaround last year, as it today reported a net surplus of just over €1 million.

The 2013 loss of €293,000 was turned into a surplus of €1.05 million, according to the Curia's financial results for the year ended December 21, 2014.

The church said that income continued its upward trend and the increase in investment income was mainly due to a one-time additional dividend received from APS Bank Ltd, in which the Archdiocese is the principal shareholder.

This resulted from a change in the method of dividend distribution, with an interim dividend being declared during the course of the year.

Clergy Fund income declined by 11 per cent, while collections and donations and other income registered gains.

These accounts were approved by the Diocesan Finance Committee and the Diocesan Representative Council.

The net surplus before the distribution of subsidies was down by 12 per cent in 2014 compared to the previous year.

Subsidies by the Curia to church entities increased by 30 per cent, with increases being primarily required for old people’s homes and media services. After this payment of subsidies, the net surplus stood at €143,840.

Unrealised gains on differences on exchange helped to improve the overall net surplus.

Expenditure also increased, with remuneration to the clergy and lay employees accounting for 62 per cent of total costs. Taxation increased, in the main due to the tax at source on the higher investment income resulting from the extra dividend. No unabsorbed tax losses were brought forward in 2014.