A Fully Let Office Tower and a $50 Million Surplus: Questions Over How Sydney’s Anglicans Count Their Property

• An investigation said Sydney Anglicans booked a $49.88 million surplus on the St Andrew’s House complex in 2019
• That included a $40.1 million property revaluation, with net assets of $220.76 million
• The office tower was fully leased at the end of 2020
• The report said $39.25 million in historic abuse liabilities had been moved to the church’s aged care arm

The Klaxon, an independent Australian news site, reported on April 8, 2022, that the Anglican Church in Sydney had booked a large profit on its St Andrew’s House office complex while its aged care arm was described as in a dire financial position.

According to the report by Anthony Klan, the church recorded an accumulated surplus of $49.88 million on St Andrew’s House in 2019, including a $40.1 million property revaluation, and the complex had net assets of $220.76 million. Trust accounts stated that “The office tower was 100% leased as at 31 December 2020”.

The Klaxon reported that $39.25 million in historic child sexual abuse liabilities had been shifted to Anglicare Sydney, the church’s aged care provider, which serves more than 2,000 residents across 23 homes and received $248.4 million in taxpayer-funded aged care revenue. It said abuse liabilities rose by $19.14 million in the 2019-20 financial year.

The report argued that the church held substantial property while placing liabilities on a division it described as struggling.

The story is a reminder that church property accounts can tell very different stories depending on how assets are valued and where liabilities are booked. Jamaican churches that own commercial buildings, or are thinking of developing them, should keep clear, separate accounts for each property and be open with members about income, valuations and obligations. Where a church’s wealth sits, and who carries its debts, matters to members, donors and the public.

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