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Church Commissioners
Church Commissioners
Church Commissioners
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No. 1 Millbank, built for the Church Commissioners by W. D. Caroe (1903)

Key Information

The Church Commissioners is a body which administers the property assets of the Church of England. It was established in 1948 and combined the assets of Queen Anne's Bounty, a fund dating from 1704 for the relief of poor clergy, and of the Ecclesiastical Commissioners formed in 1836. The Church Commissioners are a registered charity regulated by the Charity Commission for England and Wales, and are liable for the payment of pensions to retired clergy whose pensions were accrued before 1998 (subsequent pensions are the responsibility of the Church of England Pensions Board).

The secretary (and chief executive) of the Church Commissioners is Gareth Mostyn.

History

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The Church Building Act 1818 granted money and established the Church Building Commission to build churches in the cities of the Industrial Revolution. These churches became known variously as Commissioners' churches, Waterloo churches or Million Act churches. The Church Building Commission became the Ecclesiastical Commissioners in 1836.

An earlier Ecclesiastical Duties and Revenues Commission had been set up under the first brief administration of Sir Robert Peel in 1835 with a wide remit, "to consider the State of the Established Church in England and Wales, with reference to Ecclesiastical Duties and Revenues" (Minutes of the Commission, 9 February 1835); this body redistributed wealth between the dioceses and changed diocesan boundaries, and the permanent Ecclesiastical Commission was formed the following year.

The Church Commissioners were established in 1948 as a merger of Queen Anne's Bounty and the Ecclesiastical Commissioners, following the passage, by the National Assembly of the Church of England, of the Church Commissioners Measure 1947 (10 & 11 Geo. 6. No. 2).[1][2]

In 1992 it was revealed that the Church Commissioners had lost £500m through over-commitment of the fund leading to poor investment decisions.[3] This figure was later revised up to £800m, a third of their assets.

The value of the commissioners' assets was around £5.5 billion as at the end of 2012.[4] By September 2016, it was valued at £7 billion.[5] The income is used for the payment of pensions to retired clergy whose pensions were accrued before 1998 (subsequent pensions are the responsibility of the Church of England Pensions Board) and a range of other commitments including supporting the ministries of bishops and cathedrals and funding various diocesan and parish missions initiatives.[6]

In June 2022, the Commissioners acknowledged early links of Queen Anne's Bounty to the Atlantic slave trade. They and Justin Welby, the Archbishop of Canterbury, apologised.[2] In January 2023 the Commissioners announced that they were setting up a fund of £100 million to be spent over the next nine years on addressing historic links with slavery.[7]

The Commissioners also oversee pastoral reorganisation, the consent of the commissioners being required for establishing or dissolving team and group ministries, uniting, creating, or dissolving benefices and parishes, and the closing of consecrated church buildings and graveyards.

The Church Commissioners are now based at Church House, Westminster, London, having long occupied No. 1 Millbank.[8] The Millbank building was sold in 2005 to the House of Lords for accommodation of members and staff; the commissioners completed the move to Church House in 2007.[9] They used to be an exempt charity under English law, and is now a registered charity regulated by the Charity Commission for England and Wales.[10][11]

The secretary (and chief executive) of the Church Commissioners is Gareth Mostyn.[12]

Responsibilities

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The Church Commissioners have the following responsibilities:[13]

Portfolio

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The MetroCentre in Gateshead is one of the largest CC investments

The CC portfolio in 2020 is extensive, worth around £9.2 billion[16] and includes the Hyde Park Estate and a 10% stake in the MetroCentre shopping centre. The CC are the 13th largest landowner in the UK.[17] The CC own a significant amount of rural land and sometimes promote this through Local Plan processes.[18]

List of commissioners

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There are 33 Church Commissioners, of whom 27 make up the board of governors as the main policy-making body, with a further 6 who are officers of state or Government ministers. Board members are either elected by the General Synod of the Church of England, or appointed by either the archbishops or the Crown.[6] The board of governors is composed of all of the commissioners apart from the First Lord of the Treasury, the Lord President of the Council, the Lord Chancellor, the Secretary of State for Culture, Media and Sport, the Speaker of the House of Commons, and the Lord Speaker.[1]

The 33 commissioners are as follows:[1][19]

Portfolio Name Notes
Archbishop of Canterbury Chairman ex officio[1] vacant [20]
Archbishop of York Stephen Cottrell
First Church Estates Commissioner[21] Alan Smith [22]
Second Church Estates Commissioner[23] Marsha de Cordova [24]
Third Church Estates Commissioner[25] Sir Robert Buckland
Four bishops[26] Vivienne Faull
Stephen Lake
Graham Usher
Pete Wilcox
Two deans elected by the deans Mark Bonney
Rogers Govender
Three clergy elected by those members of the House of Clergy who are not deans Amatu Christian-Iwuagwu
Sarah Geileskey
Christopher Smith
Four laypeople elected by the House of Laity Richard Denno
Nick Land
Cathy Rhodes
Robert Zampetti
Three members nominated by the Crown Suzanne Avery
Kif Hancock
Nigel Timmins
Three members nominated by the archbishops acting jointly Busola Sodeinde
Kate Barker
Morag Ellis
Three members nominated by the archbishops acting jointly after consultation with:
* the lord mayors of the cities of London and York
* the vice chancellors of the universities of Oxford and Cambridge 		Jenny Buck
Remi Olu-Pitan
Helen Steers
First Lord of the Treasury Sir Keir Starmer
Lord President of the Council Sir Alan Campbell
Lord High Chancellor of Great Britain David Lammy
Secretary of State for Culture, Media and Sport Lisa Nandy
Speaker of the House of Commons Sir Lindsay Hoyle
Lord Speaker John McFall, Baron McFall of Alcluith

Church Estates Commissioners

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The Church Estates Commissioners are three lay people[citation needed] who represent the Church Commissioners in the General Synod of the Church of England. The first and second commissioners are appointed by the British monarch, and the third commissioner is appointed by the Archbishop of Canterbury.[27] They are based at Church House, Westminster, having previously had offices at No. 1 Millbank, London.[28]

First Church Estates Commissioners

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The First Church Estates Commissioner is appointed by the British Monarch.

Second Church Estates Commissioners

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The Second Church Estates Commissioner is appointed by the Crown. They are now always a Member of Parliament from the party in government, and have additional duties as a link between the British Parliament and the Church.[42]

Third Church Estates Commissioners

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The Third Church Estates Commissioner is appointed by the Archbishop of Canterbury.

See also

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References

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[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Church Commissioners

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from Grokipedia
The Church Commissioners for is a corporate and registered charity established by the Church Commissioners Measure 1947 to administer the historic endowments of the , generating income to support its pastoral, mission, and ministry work, with a particular focus on areas of need and opportunity. Formed by amalgamating , founded in 1704 to assist poor , and the Commissioners, created in 1836 for diocesan reorganization and redistribution, the manages a diversified £11.1 billion portfolio as of the end of 2024, encompassing real assets like agricultural land, urban properties, and alongside equities and alternatives, achieving a 10.3% return that year to fund stipends, pensions, church fabric repairs, and strategic grants. Governed by 33 commissioners—including bishops, , and lay members appointed by the Crown, General , and other bodies—the Commissioners prioritize ethical , excluding over 800 companies in 2023 for moral concerns such as involvement in , , or violations, while allocating substantial resources to climate solutions; however, decisions like committing £100 million to address historical slave trade links have drawn criticism for relying on contested historical interpretations that exaggerate direct institutional involvement.

History

Origins and Formation

The Church Commissioners for England originated from the merger of two longstanding institutions tasked with managing the Church of England's financial resources: and the Ecclesiastical Commissioners. was established by on 3 November 1704 to augment the incomes of poor Anglican clergy, drawing on revenues from (a on ecclesiastical income upon appointment) and tenths (a tenth of annual clerical income) that had previously been appropriated by . This fund addressed chronic poverty among incumbents whose benefices yielded insufficient stipends, often below £50 annually in rural areas, by providing grants for land purchases or endowments. The Ecclesiastical Commissioners were created by the Ecclesiastical Commissioners Act 1836 (6 & 7 Will. 4, c. 77), which implemented recommendations from earlier inquiries into the Church's administrative inefficiencies and wealth disparities among dioceses. Entrusted with redistributing surplus revenues from wealthy bishoprics and chapters to under-resourced areas, the body facilitated the creation of new dioceses—such as in —and the construction or repair of churches, while centralizing control over extensive church estates comprising over 300,000 acres of land by the early . Their mandate emphasized rationalizing ecclesiastical property to support pastoral needs amid industrialization and . The Church Commissioners were formally constituted under the Church Commissioners Measure 1947, a legislative act passed by the Church Assembly and receiving , which amalgamated the assets and functions of (valued at approximately £25 million in endowments) and the Ecclesiastical Commissioners (managing £100 million in annual revenues) effective 1 April 1948. This consolidation aimed to streamline operations, reduce administrative duplication, and enhance investment efficiency for funding clergy pensions, stipends, and mission work, transferring over £8 billion in modern equivalent assets into a unified endowment. The new body, accountable to and the Church's governing , marked a shift toward professional while preserving the Church's independence from direct state funding.

Expansion and Reforms in the 20th Century

The Ecclesiastical Commissioners, established in 1836, continued to expand their administrative scope in the early through legislative measures that enhanced their control over revenues and diocesan reorganization, including the redistribution of bishopric incomes and support for urban ministry amid population growth. By the mid-20th century, parallel operations with —created in 1704 to augment poor clergy incomes via parliamentary grants—highlighted inefficiencies in fragmented , prompting calls for unification to streamline funding for stipends and pastoral needs. The pivotal reform occurred in 1948 with the passage of the Church Commissioners Measure 1947, merging the Ecclesiastical Commissioners and into the Church Commissioners, thereby consolidating approximately 105,000 acres of landholdings and invested funds exceeding £100 million into a single entity responsible for generating income to support pensions, stipends, and church repairs nationwide. This expansion centralized financial operations under a board initially comprising up to 95 members, including bishops, , and lay experts, enabling more efficient asset deployment for post-war church rebuilding and diocesan adjustments amid suburban expansion. Subsequent reforms addressed financial vulnerabilities exposed in the late , notably after a 1992 disclosure of £500–800 million in losses from property investments during the , which strained support for parish ministry. The 1995 Turnbull Commission, commissioned by the Archbishops of and , recommended structural changes, leading to the 1998 National Institutions Measure that reduced the board to 33 members effective , 1999, and shifted focus toward professionalized while creating the Archbishops’ Council to oversee strategic mission funding. These adjustments emphasized long-term returns over short-term disbursements, with the portfolio growing to manage billions in assets by century's end, though debates persisted over ethical investment policies, as ruled permissible in the 1990 Harries v Church Commissioners case.

Post-1948 Developments and Challenges

Following the amalgamation in , the Church Commissioners pursued an expansion into development to bolster income streams, as conservative investment approaches proved inadequate for sustaining stipends amid post-war economic pressures and rising living costs. This shift involved acquiring urban sites and venturing into speculative developments, which initially yielded gains but exposed the organization to market volatility. By the , over-reliance on investments—comprising nearly half the portfolio—led to significant risks during the sector's boom, with the Commissioners engaging in leveraged deals through agents. The subsequent early crash resulted in losses estimated at £500–800 million, attributed to mismanaged speculation and inadequate oversight, precipitating what became known as the "Great Scandal" in 1992. Inquiries by the Lambeth Group and Coopers & Lybrand highlighted governance failures, prompting Archbishop to testify before Parliament's Social Security Committee and leading to immediate cuts in diocesan grants. These events underscored the tension between duties to maximize returns for support and the inherent instability of concentrated . Reforms in the mid-1990s addressed these vulnerabilities through diversification into equities, bonds, and overseas assets, alongside professionalized to mitigate . The Pensions Measure 1997 shifted responsibility for clergy pensions accrued after January 1998 to parishes via a funded scheme, relieving the Commissioners of new liabilities while leaving them with escalating costs for pre-1998 service—projected to burden the endowment for 50–60 years. The National Institutions Measure 1998, effective from 1 January 1999, streamlined governance by reducing the board from 95 to 33 members and establishing the Archbishops’ Council for strategic oversight, enhancing accountability amid the Turnbull Commission's 1995 recommendations. Post-2000 challenges included balancing ethical investment mandates with financial performance, as policies excluded sectors like , , and armaments, with further scrutiny over South African holdings in the resolved by courts prioritizing returns akin to a . In 2023, the Commissioners pledged £100 million over nine years from their £10.1 billion endowment for a " Justice Fund" addressing alleged historic ties to transatlantic slavery via Queen Anne’s Bounty investments, though subsequent analyses by historians identified factual errors in the linkage claims, questioning the scale of reparative obligations. Ongoing deficits and divestments from companies—announced in June 2023 for non-compliant firms—have intensified debates over whether moral criteria compromise long-term yields needed to fund amid declining revenues.

Organizational Structure

Composition of the Board

The Church Commissioners consist of 33 members in total, six of whom hold ex-officio positions as senior officeholders of state, including the , the Speaker of the House of Commons, and the Secretary of State for Culture, Media and Sport. These ex-officio members participate in the Commissioners' responsibilities but are not part of the operational Board. The Board of Governors, comprising the remaining 27 members, functions as the primary policy-making and decision-making body, overseeing strategic direction, , and fulfillment of the Commissioners' statutory duties. Of these, 13 are elected by the General of the or by the deans of cathedrals, ensuring representation from ecclesiastical structures. The balance are appointed by the Archbishops of and or by , with selections prioritizing expertise in areas such as , legal affairs, , and financial oversight to support the Board's responsibilities. Appointments to the Board emphasize a mix of clerical and lay perspectives, with term lengths typically aligned to elections or appointment durations, fostering continuity while allowing periodic refreshment of skills. The Board operates through specialized committees, including those for assets, audit and risk, bishoprics and cathedrals, and mission, pastoral, and church property matters, delegating detailed oversight while retaining ultimate accountability. This structure balances democratic input from the Church's synodical system with external professional acumen appointed via and archiepiscopal channels.

Role of Church Estates Commissioners

The Church Estates Commissioners comprise three lay members of the Church Commissioners board, appointed by on the advice of the , who hold distinct leadership responsibilities in overseeing the organization's , , and external relations. Established under the Church Commissioners Measure 1947 and subsequent legislation, these positions ensure professional stewardship of the Church of England's endowments while maintaining accountability to both and parliamentary authorities. The First Church Estates Commissioner serves as the primary executive figure for investment oversight, chairing the Assets Committee, which holds statutory responsibility for the strategic direction of the Commissioners' endowment fund, valued at over £10 billion as of recent reports. This role involves directing the management of diverse assets, including , , and financial instruments, to generate sustainable income for stipends, pensions, and mission activities, emphasizing long-term aligned with the Church's charitable purposes. The incumbent also represents the Commissioners in high-level strategic decisions and public engagements related to financial performance. The Second Church Estates Commissioner, by convention a from the governing party, acts as the Church's parliamentary liaison, responding to oral and written questions in the on matters concerning the , including asset management and policy implications. This position facilitates dialogue between government and the Church Commissioners, ensuring transparency on financial operations and legislative impacts, while serving as a full voting member of the board without direct involvement in day-to-day decisions. The Third Church Estates Commissioner supports the First in asset-related duties and assumes specific oversight of pastoral reorganization, including responsibilities under the Mission and Pastoral Measure for diocesan boundary adjustments, church closures, and support for bishops and cathedrals. This role also encompasses advancing environmental objectives, such as the Commissioners' net zero carbon target by 2030, integrating ethical considerations into estate management practices. The Third often chairs sub-committees on mission or sustainability, bridging financial resources with operational needs across dioceses. Collectively, the Estates Commissioners provide lay expertise to balance the board's episcopal membership, ensuring decisions on the 105,000 acres of and broader portfolio prioritize financial prudence and alignment with the Church's statutory obligations, as evidenced by annual reports demonstrating consistent income generation exceeding £1 billion to fund approximately 40% of parochial ministry costs.

Governance and Accountability Mechanisms

The Church Commissioners operate under a governance framework established by the Church Commissioners Measure , with a Board of Governors comprising 27 members responsible for strategic oversight, supported by four principal committees: the Assets Committee, Audit and Risk Committee, Bishoprics and Cathedrals Committee, and Mission, Pastoral & Church Property Committee. The Board ensures compliance with fiduciary duties, including achieving a target investment return of CPIH + 4% while meeting charitable obligations for mission and ministry support. The Audit and Risk Committee plays a central role in internal oversight, reviewing financial reporting, , internal controls, and compliance with legal and regulatory requirements, including stewardship of the endowment fund. Accountability is multifaceted, reflecting the Commissioners' status as both a and a registered charity (Charity Number 250186). They are accountable to the UK Parliament through the Second Church Estates Commissioner, a who responds to questions on their activities in the . Additional oversight comes from the General Synod of the , which elects representatives to the Board and aligns the Commissioners' strategic direction with the Archbishops’ Council. As a charity, they submit annual accounts and trustees' reports to the Charity Commission, undergoing independent audits to verify financial integrity and adherence to charitable purposes. Transparency mechanisms include the publication of annual reports detailing financial performance, investment activities, and governance practices, alongside a code of conduct for Board and committee members emphasizing collective responsibility, conflicts of interest management, and ethical decision-making. These reports are presented to the General Synod and made publicly available, enabling scrutiny of asset management and funding allocations. The executive team, led by the Secretary (serving as Interim Chief Executive), reports to the Board, ensuring operational accountability within delegated authorities.

Core Responsibilities

Asset Management and Funding Obligations

The Church Commissioners manage a diversified £11.1 billion endowment fund as of 31 December 2024, structured as a perpetual endowment with elements of a to generate sustainable long-term returns targeting CPIH + 4% annually. The portfolio comprises public equities at 31.6%, at 10.6%, direct property holdings (including commercial assets like the Metrocentre and residential developments), and alternatives such as timberland, , and credit strategies, managed both in-house and via external managers to balance growth, income, and risk. This approach yielded a 10.3% total return in 2024 and an average of 10.0% annually over the prior 30 years, enabling distributions while preserving capital for future obligations. Funding obligations center on supporting the 's mission and operations, with statutory duties to provide for in under-resourced areas, fund pastoral reorganization, and cover pensions for service accrued before 1998, when responsibility for future accrual shifted to the Pensions Board and dioceses under a 1997 settlement. In the 2023-2025 triennium, £1.2 billion was distributed for these purposes, including £283.2 million in annual charitable grants, with commitments rising 36% to £1.6 billion for 2026-2028 to prioritize parish ministry and strategic initiatives. A February 2025 proposal seeks General approval for a £2.6 billion asset transfer to diocesan common funds, enhancing direct support amid declining traditional income sources like glebe lands. These distributions fulfill the Commissioners' role as trustees under measures like the Church of England Pensions Measure 2018, section 31, which mandates meeting pre-1998 costs while directing investments toward mission in "areas of need and opportunity" rather than uniform funding. Asset decisions prioritize capital preservation to avoid depleting the endowment, as evidenced by historical reforms transferring parochial assets post-1948 to centralize management and mitigate local financial strains.

Support for Clergy and Church Operations

The Church Commissioners fund the stipends, office expenses, and operational costs of the Church of England's bishops and archbishops, ensuring their ministry is supported without reliance on diocesan resources. This direct financial provision, derived from investment returns on their endowment, covers housing, staff, and administrative needs tied to episcopal roles. In addition to current stipends, the Commissioners underwrite significant portions of clergy pensions through the past-service scheme, which covers pensionable service prior to the transition to the Funded Pension Scheme in 1998. This funding addresses legacy liabilities from historical arrangements, including established in 1704 to aid poorer livings, preventing shortfalls in retirement benefits for serving and retired . Recent allocations emphasize operational sustainability, with over £95 million committed for clergy retirement housing in the 2026-2029 period to maintain post-ministry accommodations. Broader church operations benefit from grants supporting cathedrals, historic church buildings, and pastoral reorganization, which facilitate deployment and facility maintenance. As part of triennial national spending plans approved in June 2025, the Commissioners pledged £1.6 billion toward parish clergy support, local church initiatives, and ministry development in areas of demographic need or growth opportunity. These distributions, drawn from a £11.1 billion portfolio targeting a real return of CPIH + 4%, prioritize targeted interventions over uniform increases, as evidenced by the rejection of proposals to allocate 1% of assets annually to minimum stipends.

Pastoral and Diocesan Reorganisation

The Church Commissioners administer reorganisation schemes under the Mission and Measure 2011, which consolidates earlier legislation such as the Pastoral Measure 1983 and provides the legal framework for altering boundaries, merging benefices, creating team ministries, and designating redundant churches. Their Pastoral Team advises diocesan authorities on developing proposals, reviews submissions for compliance, publishes draft schemes for , and processes objections or appeals through the Mission, & Church Property . This process aims to adapt ecclesiastical structures to demographic shifts, declining attendance, and resource constraints, enabling more efficient allocation of and finances across dioceses. In practice, the Commissioners facilitate transitions by managing housing relocations and land adjustments during reorganisation, often providing administrative support to diocesan boards of finance. For instance, schemes may suspend presentations to benefices temporarily or establish new arrangements, with the Commissioners ensuring legal implementation while dioceses handle initial consultations. Historical precedents trace to the Pastoral Reorganisation Measure 1949, which empowered bishops and committees for efficient restructuring, a role the Commissioners assumed post-1948 amalgamation. Recent updates include a 2020 review of the 2011 Measure, leading to General Synod-approved amendments in 2023 to streamline procedures and enhance flexibility for mission-focused changes. Diocesan reorganisation, involving broader boundary adjustments or structural reforms, intersects with efforts through the Commissioners' of stipendiary ministry and support for episcopal oversight during transitions. While the independent Dioceses Commission primarily addresses inter-diocesan boundaries, the Commissioners contribute by administering related schemes and allocating resources for new or reconfigured sees, as seen in historical for diocesan expansions. This includes oversight of closed churches via their Closed Churches department, where redundant buildings are declared under schemes, with proceeds from sales redirected to active ministry funds. Such mechanisms have supported widespread reconfigurations, with dioceses like Ely and reporting ongoing reviews to consolidate parishes amid financial pressures as of 2024-2025.

Investment Portfolio

Asset Composition and Diversification

The Church Commissioners' investment portfolio, valued at £11.1 billion as of 31 December 2024, emphasizes diversification across public and private markets, , , and alternatives to manage risk and target long-term total returns of CPIH + 4% per annum. This approach draws on the Commissioners' historical endowment in land and property, which forms a core of enduring , supplemented by modern allocations to illiquid investments like and timberland for uncorrelated returns. The strategy prioritizes broad asset class exposure over traditional benchmarks such as 60/40 equity-bond splits, incorporating early adoption of sectors like —initiated over a decade ago—and to enhance portfolio resilience against market volatility. Real assets constitute approximately one-quarter of the portfolio, reflecting the Commissioners' origins in managing Church estates; these include , , residential and commercial developments, strategic land for future housing, and infrastructure. Notable holdings encompass the Hyde Park Estate in and a 10% stake in the Metrocentre shopping complex in , alongside timberland investments estimated to absorb significant carbon net of harvesting. Equities, both public and defensive, dominate liquid allocations, while private markets provide illiquidity premiums, with targeting high-growth opportunities and offering yield in a low-rate environment. and cash equivalents serve as stabilizers, comprising over 15% combined, to buffer drawdowns and support needs for funding. The following table details the asset allocation as of 31 December 2024:
Asset ClassAllocation (%)
Public Equities31.6
Defensive Equities4.7
9.6
10.6
5.1
Timberland3.4
2.0
8.3
2.8
1.8
Residential Property4.6
Rural Land5.4
Strategic Land2.7
Indirect Property0.8
Portfolio Hedges0.1
Cash and Equivalents6.6
This allocation underscores a deliberate tilt toward real and alternative assets for diversification benefits, with and together exceeding 15% to capture growth outside public markets, while sub-classes provide hedging via direct ownership.

Historical and Recent Performance Metrics

The Church Commissioners' endowment fund has achieved an average annual return of 10.0% over the past 30 years, consistently meeting or exceeding its long-term investment objective of CPIH + 4% across 1-, 5-, 10-, and 30-year periods. This performance has supported sustained growth in the fund's value, enabling reliable distributions for church missions while preserving capital against inflation. Over the preceding decade ending around 2023, the fund delivered an average annual return of 10.2%, reflecting effective diversification and amid varying market conditions. Recent annual returns demonstrate resilience, with the fund recording positive results for 16 consecutive years through . In , the endowment achieved a 10.3% total return, outperforming the CPIH + 4% benchmark of approximately 7.5% for that year and growing assets under management to £11.1 billion. The prior year, 2023, saw a more modest 4.1% return, down from 5% in 2022, amid broader market volatility including pressures and geopolitical uncertainties. Earlier benchmarks include an 8.2% return in 2015, which expanded the fund to £7 billion, and 10.4% in despite global economic disruptions from the , lifting assets to £9.2 billion.
YearTotal Return (%)Fund Value End-of-Year (£ billion)Notes
20158.27.0Growth amid recovery from .
202010.49.2Resilient performance during pandemic.
20225.0Not specifiedPositive amid rise.
20234.1Not specifiedModest gains in volatile markets.
202410.311.1Outperformed benchmark; 16th consecutive positive year.
These metrics underscore the fund's focus on total return to balance income generation for clergy pensions and mission funding—totaling £1.2 billion distributed during the 2023-2025 triennium, a 30% increase—with capital preservation. Performance attribution in recent years highlights contributions from public equities and private markets, though faced headwinds in 2024 from sector-specific weaknesses.

Risk Management Strategies

The Church Commissioners employ a diversified approach to manage portfolio risks, allocating assets across public equities (31.6%), (10.6%), (including commercial, residential, and rural holdings), alternatives such as timberland and , and a modest cash position (6.6%) as of December 31, 2024. This diversification aims to reduce exposure to any single asset class or market sector, mitigating volatility from market fluctuations, constraints, and geopolitical events. The emphasizes long-term horizons, with approximately 90% of the portfolio in growth-oriented assets and minimal fixed-income holdings (under 1%), avoiding significant sensitivity while prioritizing capital appreciation to meet the CPIH+4% annual return target. Active management forms a core risk mitigation tactic, particularly in real assets like property, where the Commissioners optimize holdings through strategic sales, developments, and leasing to balance yield and capital . In equities, a defensive sub-portfolio is maintained to provide resilience during market downturns, complemented by in-house and engagement to influence and address company-specific risks. Systemic risks, including , , and violations, are integrated via responsible investment policies, such as exclusions for non-aligned producers and commitments to net-zero emissions by 2050, supported by scenario analysis and transition planning. Governance mechanisms bolster these strategies through the Audit and Risk Committee, which oversees principal and emerging , reviews internal controls, and ensures alignment with the Commissioners' ethical framework advised by the Ethical Investment Advisory Group. Liquidity is managed via cash reserves and selective illiquid investments, while and macroeconomic monitoring inform adjustments, as evidenced by the portfolio's resilience in delivering positive returns over 16 consecutive years through 2024. This framework prioritizes empirical over short-term , reflecting the endowment's perpetual nature to fund church missions indefinitely.

Ethical Investment Framework

Development of Policies

The Church Commissioners, formed in 1948 through the merger of and the Ecclesiastical Commissioners, incorporated ethical considerations into investment decisions from their inception, reflecting the Church of England's Christian stewardship principles, with early policies traceable to the 1940s that avoided sectors conflicting with moral teachings, such as certain armaments and . These initial approaches were , guided by internal reviews rather than formal frameworks, and emphasized avoiding direct investments in activities deemed incompatible with , though prioritizing financial returns unless ethical stances clearly did not impair them, as affirmed in the 1992 Harries v Church Commissioners ruling, which rejected claims that ethical divestments must override prudent duties. In the 1990s, prompted by General Synod pressures and evolving societal expectations, the Commissioners established the Ethical Investment Advisory Group (EIAG) to provide systematic ethical guidance across National Investing Bodies, including exclusions for tobacco, pornography, and high-interest lending, while expanding to active stewardship through shareholder engagement on issues like human rights and environmental impacts. The EIAG's formation marked a shift from passive exclusions to a tri-pillared framework—renewed world (environmental), just world (social), and resilient systems (governance)—with annual reviews submitted to Synod, enabling policies to address emerging concerns like corporate governance failures exposed in scandals. By the 2000s and 2010s, policies evolved to integrate environmental, social, and governance (ESG) factors, influenced by global standards like the UN , with milestones including divestments from non-aligned fossil fuel companies and commitments to net zero emissions by 2050 via the UN Net Zero Asset Owner Alliance. The 2015 formalization of a dedicated Responsible and Ethical document, updated iteratively (e.g., versions in 2021, 2022, and 2024 incorporating EIAG statements), emphasized engagement over mere exclusion, targeting systemic risks such as deforestation (aiming for elimination by 2025) and data initiatives launched in 2024 with partners like . This progression reflects a balance between ethical imperatives rooted in the Anglican Communion's Marks of Mission and obligations, with policies now excluding over 800 companies annually across sectors like defence (104 firms in 2023) and laggards, while prioritizing to influence corporate without forgoing returns, as evidenced by consistent outperformance benchmarks. Recent integrations, such as 2022's revised strategy focusing on and just transitions, underscore adaptation to evidence-based risks like , informed by peer-reviewed data and resolutions rather than unsubstantiated advocacy.

Screening, Exclusions, and Engagement Practices

The Church Commissioners employ a combination of negative screening and normative assessments to evaluate investments against ethical criteria derived from Anglican principles, as advised by the Ethical Investment Advisory Group (EIAG). Direct investments are screened for involvement in prohibited activities, with exclusions applied if a company's revenue from such activities exceeds specified thresholds, such as 10% for certain sectors like thermal coal and . Indirect investments, such as through pooled funds, are managed under a policy capping exposure to restricted assets, ensuring alignment with broader ethical guidelines. Exclusions target sectors deemed incompatible with Christian values, including indiscriminate weaponry (e.g., cluster munitions, landmines), conventional weaponry above defined thresholds, pornography production and distribution, tobacco manufacturing, gambling operations, non-military firearms, high-interest-rate lending (e.g., payday loans), human embryonic cloning for research, thermal coal extraction, and oil sands production. In the alcohol sector, UK-listed companies failing responsible marketing or retail standards are excluded, alongside others surpassing revenue limits. Climate-related exclusions have intensified; since 2015, thermal and tar sands have been divested, and in 2023, all companies primarily engaged in oil and gas exploration, production, or refining were excluded unless aligned with a 1.5°C warming pathway per the , as assessed by the Transition Pathway Initiative—resulting in the removal of majors like , , Shell, and after prior engagement failed to yield sufficient progress. In 2023 alone, over 800 companies were screened out, including 248 for climate concerns, 124 for alcohol, 116 for , 104 for defence, and 68 for . Engagement practices emphasize through active ownership, including direct dialogue with companies, collaborative initiatives, and to influence behavior on issues like , climate transition, and . For instance, since 2018, the Commissioners engaged oil and gas firms to align with goals before escalating to in 2023 when assessments showed misalignment. Starting in 2023, they vote against re-election of directors at companies failing expectations, as outlined in stewardship reports. These efforts are framed within the 2024 Responsible and Ethical Investment Policy, which integrates EIAG advice and targets net-zero emissions by 2050, while prioritizing systemic risks over short-term returns.

Integration with Broader Social Goals

The Church Commissioners' ethical policies extend beyond portfolio to actively support societal advancements, particularly in , inequality reduction, and . Their responsible approach incorporates social initiatives aimed at influencing corporate behavior on issues like modern slavery, labor ethics, and access to justice, with engagements conducted through collaborative investor groups to drive systemic improvements. In 2024, these efforts included advancing the Investor Initiative on Data, which seeks to standardize reporting on human rights risks across supply chains, earning recognition for enhancing investor capabilities in this domain. A key mechanism for broader social integration involves impact investments targeting measurable outcomes, such as affordable housing and community infrastructure, integrated into real estate developments to address housing shortages and promote inclusive growth. Since 2016, the Commissioners have prioritized faith-aligned investments that yield demonstrable social benefits, including support for social housing within residential projects, aligning with objectives to mitigate poverty and enhance social cohesion without compromising financial returns. This strategy reflects an intentional linkage between asset management and public good, as articulated in their stewardship reports, which emphasize cost-effective interventions for social and environmental impact. Furthermore, the framework maps certain activities, such as strategic land investments, to (SDGs), particularly SDG 11 on sustainable cities and communities, formalized through sustainability targets launched in 2023. These alignments facilitate contributions to global agendas by leveraging the Commissioners' scale—managing assets interlinked with macroeconomic trends—to advocate for policies that foster equitable and . In January 2024, updated criteria explicitly incorporated abuses and into investment screening, ensuring exclusions and engagements reinforce these wider imperatives.

Controversies and Criticisms

Alleged Historical Ties to Slavery and Reparations Efforts

The Church Commissioners' endowment, valued at £10.1 billion as of 2022, traces its origins in part to Queen Anne's Bounty, established in 1704 to augment poor clergy livings through royal contributions and private benefactions, some of which derived from individuals profiting from the transatlantic slave trade and plantation economies. Historical research commissioned by the Commissioners identified specific links, including donations from slave traders such as Edward Colston and investments channeled through funds that benefited from slave-produced commodities like sugar and cotton, though the direct financial scale relative to the overall endowment remains modest and integrated into broader 18th- and 19th-century economic activities pervasive in Britain. In one documented instance, Frederick Gilbert, Archbishop of Canterbury from 1828 to 1831, authorized payments from diocesan funds for the purchase of enslaved individuals to labor on Church-owned sugar plantations in Barbados, reflecting institutional complicity in chattel slavery despite the Church's broader anti-slavery advocacy, such as the 1787 formation of the Society for Effecting the Abolition of the Slave Trade. The Commissioners' 2023 report emphasized transparency about these ties but noted that slavery's economic role, while significant in Britain's imperial prosperity, does not imply the Church's funds were predominantly "tainted" beyond what was typical for contemporary institutions. In response to these findings, the Church Commissioners announced in January 2023 a £100 million commitment to a dedicated aimed at addressing the "legacy of harm" from historic links, with investments targeted at economic initiatives in regions affected by the transatlantic trade, such as the and . An oversight group, including representatives from descendant communities, was established in 2023 to guide fund allocation, focusing on education, , and advocacy rather than direct cash reparations to individuals. By March 2024, amid criticisms that the initial sum was insufficient given the estimated £1-2 billion in potential historic value from slavery-linked assets (adjusted for compound growth), the Church pledged to leverage the fund toward a £1 billion scale through partnerships and returns, while issuing formal apologies for predecessor funds' involvement. These efforts have faced scrutiny from scholars questioning the causal chain from historical investments to modern disparities, arguing that reparations overlook intra-African roles in slave capture, the abolitionist contributions of Church figures like , and the risk of diverting endowments from core pastoral duties without verifiable restitution beneficiaries. Critics, including historian , contend that the Commissioners' framework adopts a disproportionate lens influenced by contemporary , potentially conflating institutional with perpetual liability absent empirical evidence of ongoing harm directly traceable to those specific funds. The initiative aligns with broader Church ethical investment policies but has not resulted in divestments or legal claims, emphasizing reconciliation over litigation.

Debates Over Ethical Investing and Financial Returns

The Church Commissioners' ethical framework, established under principles from the 1992 Harries v Church Commissioners , mandates prioritizing financial returns while permitting ethical considerations only insofar as they do not prejudice the fund's performance or income. This legal benchmark has fueled ongoing debates about whether exclusions and stewardship activities—such as divesting from fossil fuel companies misaligned with net-zero pathways—impose opportunity costs that undermine long-term yields. Proponents within the Church argue that integrating environmental, social, and governance (ESG) factors mitigates systemic risks like and , thereby safeguarding perpetual returns for ecclesiastical purposes. Critics, including financial analysts skeptical of ESG mandates, contend that sector exclusions, particularly from energy during periods of high commodity prices, constrain diversification and lead to relative underperformance compared to unconstrained benchmarks. In practice, the Commissioners excluded over 800 companies in 2023 on ethical grounds, including all remaining oil and gas majors like BP and ExxonMobil announced in June 2023, following earlier divestments from coal. This occurred amid a 2022 energy sector surge driven by geopolitical events, where global oil prices exceeded $100 per barrel, boosting returns for non-divested energy equities by over 50% in some indices. While the Commissioners reported a 4.1% total return for 2023—down from 5% in 2022 and attributed partly to equity market volatility—their diversified portfolio, including real assets, has historically outperformed broader markets, with a 17% return in 2016 and 10.3% in 2024. However, broader empirical analyses of ethical funds indicate average underperformance against passive trackers, with UK ethical equities lagging the FTSE All-Share by approximately 1-2% annually over five-year periods ending 2024, raising questions about whether faith-aligned screens inadvertently favor growth-oriented sectors vulnerable to interest rate shifts. The debate extends to fiduciary tensions, where engagement over outright —such as voting against directors failing standards—aims to influence corporate behavior without fully exiting profitable assets. Yet, studies on similar institutional portfolios suggest that heavy ESG tilts can amplify losses during value stock rallies, as seen in 2022-2023 when non-ESG and financials outperformed. The Commissioners maintain that their approach aligns with causal risk assessment, prioritizing long-horizon resilience over short-term sector bets, but skeptics highlight that mainstream ESG advocacy often overlooks these trade-offs, potentially influenced by institutional biases favoring progressive priorities over empirical return maximization. Annual reports emphasize no deliberate return sacrifice, yet the absence of detailed counterfactual analyses fuels contention among trustees and observers regarding true net impact.

Centralization vs. Diocesan Financial Imbalances

The Church Commissioners manage an endowment fund valued at approximately £10.3 billion as of 2023, generating average annual returns of 10% over the past 30 years and distributing £186.8 million in toward national church activities, in addition to £117.1 million for clergy pensions, constituting about 20% of the Church of England's overall funding. In contrast, the 42 dioceses collectively hold £6 billion in reserves but face escalating operational deficits, reaching an aggregate of £29 million in and projected to hit £60 million by 2024, with at least 35 dioceses anticipated to operate in deficit amid declining parish share income driven by attendance drops of 25-40% since 2015. This disparity is exacerbated in lower-income areas, where 23 dioceses maintain fewer than three months' cash reserves and 13 lack sufficient liquid assets, prompting reductions in stipendiary posts, such as in the Diocese of Bath and Wells, from 178 to 150. Centralization of financial authority under the Commissioners and national bodies has intensified since the 1970s through synodical reforms, fostering bureaucratic expansion—such as a 66% rise in senior dignitaries from 1961 to 1991—and quota systems that extract funds from parishes to support diocesan and central overheads, often comprising up to 50% of contributions in cases like the Diocese of Newcastle. Critics argue this structure penalizes growing, net-contributing parishes by imposing formulas tied to congregational size and giving, redirecting resources to central initiatives or programs misaligned with local priorities, while diocesan investment returns on stipends funds have stagnated, with only three dioceses improving yields from 1.75% to 2.7% since 2015. The Commissioners' emphasis on strategic grants, though increased to £1.6 billion for 2026-2028 (a 36% rise), is viewed by some as overly prescriptive and remote from parish-level mission needs, heightening dependence without addressing core stipend sustainability. Debates over remedying these imbalances center on redistribution versus preserving central expertise, with proposals like annual transfers of £500 million to dioceses to bolster and local control, or adopting total return accounting to unlock diocesan endowments without depleting capital. In July 2025, the General rejected a Diocesan motion to redirect 1% of the Commissioners' assets—potentially £100 million annually—to diocesan funds, with 22 bishops voting against, opting instead for targeted support via the existing Lowest Income Communities Fund, which prioritizes below-average income dioceses adjusted for deprivation. Proponents of , including evangelical parishes practicing quota caps (e.g., limiting to costs plus 15% for mission), contend that donor-directed giving would better align funds with priorities, countering perceptions of central hoarding amid local decline.

Recent Developments and Future Outlook

Performance and Funding Announcements (2023-2025)

In 2023, the Church Commissioners achieved a total return of 4.1 percent on their endowment fund, a decline from the 5 percent return recorded in , amid broader market volatility including interest rate pressures and geopolitical uncertainties. Charitable expenditures rose to £223 million for the year, marking a 19.4 percent increase from £186.8 million in , with allocations supporting pensions (£120.6 million) and mission initiatives across dioceses. For the 2023-2025 triennium, the Commissioners committed £1.2 billion in distributions to the , reflecting a 30 percent uplift in national funding compared to the prior period, aimed at bolstering ministry, mission activities, and diocesan support amid declining congregational giving. This funding framework emphasized strategic grants for evangelism and , with over two-thirds directed toward frontline and community work. In 2024, investment performance rebounded with a 10.3 percent total return, the sixteenth consecutive year of positive results, driven primarily by strong gains in public equities and alternative assets, elevating the endowment fund's value to £11.1 billion by year-end. Distributions under the triennial plan continued unabated, sustaining the elevated funding levels to address financial imbalances between central resources and diocesan needs. As of mid-2025, no full-year performance data for 2025 had been released, though interim updates affirmed ongoing commitment to the triennium's £1.2 billion pledge, with strategic funding processes extended to prioritize high-impact mission proposals amid projections of sustained but moderated market returns.

Governance Reforms and Structural Changes

In July 2025, the General Synod granted final approval to the National Church Governance Measure, part of a four-year National Church Governance Programme initiated in 2020 to simplify national structures and enhance support for local mission activities. This measure, now awaiting Parliamentary scrutiny, transfers the Church Commissioners' non-investment functions—such as certain administrative and operational roles—to the newly established Church of England National Services (CENS), a charity replacing the Archbishops’ Council and Church of England Central Services. The reform aims to refocus the Commissioners on core investment stewardship of the Church's £10.4 billion endowment as of 2024, alleviating overlap in national operations. Under the measure, CENS assumes responsibility for preparing an annual funding framework submitted to the Church Commissioners, detailing strategic objectives and proposed allocations, with providing non-binding input via consultation. This shifts approval from the Synod to CENS trustees, aligning with Charity Commission governance standards and reducing legislative burdens, though critics argued it diminishes elected oversight and risks expertise dilution among trustees. The Synod vote passed overwhelmingly (bishops 27-0, 116-0, 133-10-1), reflecting broad support for streamlining amid financial pressures, including the Commissioners' commitment to £1.6 billion in national spending for 2026-30. Additional structural enhancements include the creation of a permanent Synodical Scrutiny Committee to review national decisions, promoting transparency without restoring direct budgetary powers. CENS's board will comprise a of Synod-elected members, ensuring linkage to diocesan representation while operating as an independent charity. These changes build on prior adjustments, such as the 2021 Legislative Reform Order, which streamlined Commissioners' regulatory reporting under the Church Commissioners Measure 1947, but represent the most significant reconfiguration since the body's 1948 formation by merging and Ecclesiastical Commissioners.

Ongoing Challenges in Mission Alignment

The Church Commissioners face ongoing tensions in ensuring their investment strategies fully support the Church of England's core mission of evangelism and ministry, particularly amid criticisms of over-centralization that limits funds reaching dioceses and parishes. In 2023, while the Commissioners reported robust returns enabling increased national funding, diocesan bodies highlighted persistent deficits, with some parishes facing closure due to inadequate local allocations despite the central fund's £11.1 billion scale. This imbalance has prompted calls for redistribution, such as a rejected 2025 General Synod proposal to redirect just 1% of Commissioners' assets to parishes, underscoring resistance to altering central control that could better align resources with grassroots mission needs. Ethical policies, while aimed at , raise questions about their impact on long-term returns essential for mission funding, as exclusions limit portfolio diversification. In 2023, the Commissioners barred over 800 companies on ethical grounds, including major oil and gas firms after deeming engagement unsuccessful, yet they have not met internal targets like eliminating deforestation-linked investments by 2025. Critics, including diocesan leaders, argue such screens prioritize secular ESG criteria over faith-specific alignment, potentially constraining yields that fund ministry; for instance, the in 2025 warned that excessive central oversight risks undermining diocesan autonomy and mission effectiveness. Efforts to integrate "faith-aligned" investments beyond generic ethical screens remain nascent, with the Church Investors Group in 2024 advocating for portfolios explicitly tied to like human dignity, amid concerns that broad social goals—such as £100 million in slavery-linked impact funds—divert from priorities. Despite average annual returns of 9.6% over three decades supporting mission growth, these debates persist, as evidenced by 2025 proposals to abolish diocesan apportionments to the , reflecting structural hurdles in channeling central wealth to localized outreach.

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  107. https://www.churchtimes.co.uk/articles/2025/4-july/news/uk/church-commissioners-yet-to-meet-target-to-eliminate-deforestation-investments
  108. https://www.churchtimes.co.uk/articles/2025/21-march/news/uk/bishop-of-rochester-questions-church-commissioners-control-over-dioceses
  109. https://www.ipe.com/news/church-investors-push-for-faith-aligned-investments/10076881.article
  110. https://impact-investor.com/church-of-england-launches-impact-fund-in-response-to-historic-slave-trade-links/
  111. https://www.churchtimes.co.uk/articles/2025/31-january/news/uk/abolition-of-diocesan-apportionment-proposed-in-church-of-england-finance-shake-up
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