Anglican Church Property Trust
Anglican Church Property Trust Diocese of Sydney is a body corporate incorporated under the Church of England Trust Property Incorporation Act 1881 as amended by the Anglican Church of Australia Trust Property Act 1917. Its constituting ordinance is the Anglican Church Property Trust Diocese of Sydney Ordinance 1965. There are 11 members of the Property Trust: the Archbishop and 10 persons (at least 5 lay persons and at least 3 clergy) appointed by the Synod. The Property Trust has extensive powers but cannot exercise most of them without an ordinance or the agreement of the parish council or organisation etc for which a property is held concerned, and only then if the trusts permit the proposed action.
Acting as trustee of property
Since 1912, the Synod's policy has been that all parish real property should be vested in the Property Trust. The vesting of real property in the Property Trust is intended to overcome any problems arising from the death of trustees, the election of a new trustee, and the need to notify civic authorities of the changes.
The Property Trust is also the trustee of over 200 separate trust funds which it administers under ordinances, wills or other trust documents.
Endowment of the See Capital Fund
The Property Trust is the trustee of the Endowment of the See, a trust fund derived largely from an early Crown Grant. Under paragraph 4 of the Endowment of the See Capital Fund Ordinance 2012 (the Ordinance), the Endowment of the See Capital Fund (EOS Capital Fund) shall be held by the Property Trust on trust for the following purposes of the Anglican Church of Australia in the Diocese of Sydney -
(a) to provide in perpetuity income to enable the payment of the amounts, expenses and costs referred
to in clause 4 of the Endowment of the See Expenditure Ordinance 2012, and
(b) to make the applications referred to in clause 8 for the purposes specified in that clause, and
(c) to pay the costs and expenses of the Property Trust in performing its functions and exercising its
powers under this Ordinance, and
(d) in respect to that part comprising the Real Property, to provide housing for the Archbishop of Sydney
and other Senior Clergy of the Diocese as he may determine.
Under paragraph 5 of the Ordinance the functions of the Propety Trust is to invest, manage and administer the EOS Capital Fund and, in connection therewith, is to -
(a) maintain the real value of the Invested Property unless relieved of this obligation or as otherwise
directed by an ordinance of the Standing Committee, and
(b) receive distributions from the St Andrew's House Fund, and
(c) care for, repair, renovate and refurbish the Real Property to an appropriate standard having regard
to the age and use of the Real Property.