15. Mr Ray Sommer asked -

While our Lord's Parable of the Talents, as recorded in Matthew 25:14-30, refers to all kinds of human talents, but certainly does not EXCLUDE financial talents or assets, I would like to know -

(a) is it a fact that Parishes may NOT invest their endowment or similar funds in the Glebe Stewardship Investment Trusts of Glebe Asset Management Limited, a wholly owned subsidiary of the Glebe Administration Board which in turn is wholly owned and controlled by our church?;

(b) if the answer is yes, why is this so?; and

(c) if a restriction is imposed by an Ordinance, what steps need to be taken to have the Ordinance amended to allow investments in Funds controlled by Glebe Asset Management Limited?

To which the President replied -

The modes of investment in which Churchwardens may invest parish funds are prescribed by the Investment of Church Trust Property Ordinance 1990. Generally speaking, such funds may only be invested in -

(i) Glebe Administration Board (Sydney Anglican Deposit Plan), a bank or certain building societies;

(ii) Sydney Anglican Property Fund and Sydney Anglican Church Investment Trust;

(iii) certain government stocks, debentures or securities;

(iv) certain bank accepted or endorsed bills of exchange; and

(v) if the funds are held under a specific trust instrument, such modes of investment as are authorised by that instrument.

An investment of a type not permitted by the Ordinance is an unauthorised investment. Churchwardens who make an unauthorised investment could be personally liable for any loss suffered by the parish as a result of that investment.

Details about the investment of church funds and the Investment of Church Trust Property Ordinance 1990 can be found on pages 94 and 95 of The 7th Handbook.

Turning now to consider the specific questions -

(a) parish funds may not be invested in the Glebe Stewardship Investment Trusts unless those funds are held under a specific trust instrument which expressly authorises that investment;

(b) clause 9 of the Investment of Church Trust Property Ordinance 1990 prohibits the investment of funds in any mode not authorised by that Ordinance;

(c) it is competent for any person to promote an amending ordinance to the Standing Committee or Synod as set out generally on pages 77 to 80 of The 7th Handbook.