Tag Archives: finances

CHURCH AND FINANCES

CHURCH AND FINANCES

Lately, it is talked more and more of Islamic banking and Islamic insurance, penetrating Europe. Little is known, however, of the initiatives of Christian churches for regulating the financial situation of religious Christian organizations in the age of global secularism.

In January 2005 financial world was blown up by the great success of the Investment Fund to the Anglican Church in Great Britain, which realized huge incomes. It is an example of profitable, sound, risk-free and at the same time covering matters of ethnic nature investments, made in companies, which observe all normative acts on environmental protection, guarantee for non-discrimination of any kind and provide safe working and living conditions.

Another very successful fund is The Century Fund, established in 1994 by World Student Christian Federation, which is an ecumenical organization, existing since 1895. It works in beneficial partnership with the Churches and student and youth movements all over the world. Having started with the amount of 1 million US dollars, the Fund combines Christian ethics and investment in different spheres of activity with the purpose of raising resources for a Christian association among Christian students. The interests and earnings, received by the fund, are used for international programmes, international and regional cooperation as well as for supporting the Programme for Ecumenical Assistance through humanitarian initiatives for churches in developing and non-developing countries: higher education, settlement of conflicts and peace-making, theology and spirituality and other spheres of present interest. More than one hundred national movements are members of the Federation as they both make a profit of and give their contribution to the prosperity and activity of the World Student Christian Federation. This Investment Ecumenical Fund is a real opportunity for investing in the future and is established as a legal entity in Geneva.

On its part, in the period from 10th to 16th of April 2005 the World Council of Churches in Geneva initiated the organization of World Week of Initiatives on matters of commerce, as it encouraged all member-churches (347 in number from more than 120 countries) and other organizations from the non-governmental sector to participate in it.

In Geneva the delegation of “To Respond Together” Ecumenical Alliance, led by Pastor Samuel Cobia, Secretary-General of the World Council of Churches ат тхат тиме handed the Petition to the leaders of the World Trade Organization. The Petition is entitled “Trade at the Service of People” and has been signed by more than 180 religious leaders. Business circles are called to change the rules of international trade with the purpose of protecting the rights of all countries, including the rights of Man, the Creation /of Nature/ and economic equity.
During the last three decades microcredits revolutionized the financial world. Microfinancial institutions knocked down the financial rules, which seemed unshakeable, with the purpose of offering their services to the poor by granting credits with minimum interests and at the same time minimizing the formalities and bureaucracy. They proved that banks could grant loans not only to the rich, but also to small entrepreneurs from marginalized groups and their families. The United Nations Organization declared the year of 2005 for World Year of Microcredit. An Ecumenical Interchristian Organization called Oikocredit holds paramount position in the sector of microfinancing. It also played an active part in the international symposium, held on 10th of June, this year, in the former German Parliament in Bonn under the motto of “The small loans that change our life.” Since its establishment up to the present moment Oikocredit has supported 234 financial intermediary groups and many projects in Latin America, Asia, Africa, Central and Eastern Europe (including Bulgaria), as unlike the other financial institutions, which grant credits for short terms (for a period of one to two years), Oikocredit offers crediting on a long-term plan (for a period of two to ten years) and is also one of the few institutions, which could afford to grant credits in local currencies.
Most of the private investment funds, engaged in microfinancing are qualified as “social investment funds”. Only few of them like SIDI in France, Calvert in the United States of America and Oikocredit are called “social funds.” The fact that the word “investment” was left out reveals that with these funds the social aspect is much more important than the financial yield.
To millions of people around the world, microredits changed the concept of charity. Even at a catastrophe with the magnitude of the disasters, caused by the tsunami or floods in Louisiana, microcredit has its place and specific significance since after the priority of the aid of vital necessity, a long-term restructuring aid is offered, which represents the very power of microfinancing.

Author: Petar Gramatikov
Read more here >>> The European Times News

Liverpool announce significant pre-tax losses as Covid hits Reds finances hard

Author: [email protected] (Darren Wells)
This post originally appeared on Mirror – Football

Liverpool have announced pre-tax losses of £46million for the financial year ending on May 31, 2020.

The Reds also revealed their overall revenue for the period stood at £490m – down £43m on the previous year.

Understandably the club’s matchday revenue took a hit of £13m due to having four home matches take place without the presence of fans, due to the outbreak of the coronavirus pandemic.

Media revenue also fell by £59m with a club statement attributing the drop to the Premier League season finishing later than had been expected in July, which fell outside of the financial year.

One positive was a boost in commercial income to the tune of £29m, taking their total amount for that sector to £217m.

Liverpool's owners have announced a pre-tax loss of £46million for the previous financial year
Liverpool’s owners have announced a pre-tax loss of £46million for the previous financial year

Liverpool also retained long-term partnerships with the likes of Nivea and Carlsberg, while forging eight new ones, including with Cadbury and Iugis.

Andy Hughes, LFC’s managing director, told the club’s official website : “This financial reporting period was up to May 2020, so approaching a year ago now. It does, however, begin to demonstrate the initial financial impact of the pandemic and the significant reductions in key revenue streams.

“We were in a solid financial position prior to the pandemic and since this reporting period we have continued to manage our costs effectively and navigate our way through such an unprecedented period.”

Hughes praised the club’s work in helping the local community during the pandemic, as well as recently offering the use of Anfield as a “mass testing centre and now a vaccination hub”.

He added: “We can now look ahead to the conclusion of this season and hopefully a more normal start to next season. It’s no secret that supporters have been greatly missed at Anfield over the past year and we look forward to having them back.”

The announcement comes just a week after Liverpool’s owners Fenway Sports Group (FSG) confirmed plans to join a breakaway European Super League, before performing a U-turn just 48 hours later following a backlash from fans.

It is reported the move would have pocketed the club a share of £3.5billion split between the 15 founding members of the division.

Despite a difficult season in terms of on-field performance, Liverpool continue to make great strides away from the pitch.

Their social media following has grown by 22m new followers – a gain of 32% – and they have an impressive presence on YouTube.

In addition, the club have expanded the retail arm of the business, adding new stores in parts of Asia, while their Premier League-winning home kit achieved record sales.

Since then they have swapped kit manufacturers New Balance for sportswear giants Nike in a move which the owners feel will prove more lucrative in the long run.

FSG also announced a deal last month with investment firm RedBird Capital who have acquired a 10% stake in their business in exchange for $ 735m – a development which sees NBA basketball star Lebron James increase his own share in the company and become part of the ownership group.

It is hoped the deal will help ease the financial pressures resulting from the coronavirus and also provide funds for the club to press forward with their proposed upgrade of the Anfield Road stand, as well as to invest in transfers this summer.

Liverpool kept their spending to a minimum in the last transfer window despite recruiting three new players; structuring deals for Diogo Jota and Thiago Alcantara so there was a minimal initial outlay, while offsetting the cost of signing Kostas Tsimikas with the sale of Dejan Lovren.