My gut feel is that somehow they have simply let the pace of change get the better of them and failed to count the cost properly.
I suspect that have estimated that costs on projects could be covered but then had one or more variables change such as:
- increased costs of projects through repeated works, unexpected employment of contractors etc.
- recognition that income from property sales will not come in quickly enough to ensure suitable cash flow
- concerns over the real income to be realised through donations in perpetuity
- ring-fencing of funds in expectation of legal obligations (e.g. pedo payouts)
- cash flow simply not meeting demands
- some kind of issue with investments.
I don't think anyone is under some illusion that the WTS is about to collapse financially but I've not seen anything like this before. I just wonder if the pace of change over the past few years has simply brought some chickens home to roost.