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The Church Commissioners

The Church Commissioners. Who we are and what we do. The Commissioners’ origins. Formed in 1948 by merging Queen Anne’s Bounty (1704) and Ecclesiastical Commissioners (1836) Church Commissioners manage £4.9 billion in assets to produce money for the Church’s ministry.

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The Church Commissioners

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  1. The Church Commissioners Who we are and what we do

  2. The Commissioners’ origins • Formed in 1948 by merging Queen Anne’s Bounty (1704) and Ecclesiastical Commissioners (1836) • Church Commissioners manage £4.9 billion in assets to produce money for the Church’s ministry Mission statement: to support the Church of England’s ministry, especially in areas of need and opportunity

  3. Who are the Church Commissioners? 33 in total The Archbishops of Canterbury and York 3 Church Estates Commissioners 11 other General Synod members (4 bishops, 3 clergy, 4 lay members) 2 cathedral deans 9 appointed by Crown and Archbishops 6 holders of State office

  4. National Church Institutions • Archbishops’ Council • Church of England Pensions Board • Lambeth Palace • Lambeth Palace Library • Bishopthorpe • National Society • Advisory Board for Redundant Churches • Church Commissioners

  5. What the Commissioners do Asset management • UK equities £1.8bn • Global equities £1.1bn • Bonds and cash £0.2bn • Commercial property £0.7bn • Rural property £0.3bn • Residential property £0.4bn • Loans £0.4bn • TOTAL £4.9bn

  6. Asset allocation

  7. Fund performance Commissioners have performed better than average funds by: • 3% p.a. over the last 10 years • 2%+ over last 5 years • -0.8% in 2005 due to low returns from loans • Additional £38m pa made available to the Church

  8. Stock exchange • Stock exchange. 10 largest holdings • Royal Dutch Shell, BP, HSBC Holdings,Vodafone Group, GlaxoSmithKline,Royal Bank of Scotland Group, Legal & General, AstraZeneca, Barclays and HBOS. • Ethical investment policy

  9. Commercial property Bluewater Shopping Centre, Kent

  10. Rural property York farm estate visit

  11. Residential property Connaught Village, Hyde Park estate

  12. What the Commissioners do Spending responsibilities • Clergy pensions • Broader support for the Church’s work: • Parish ministry and mission • Bishops’ ministry • Cathedrals • Church buildings • Pastoral administration • National clergy payroll

  13. Support for the Church’s ministry Support for the Church in 2005 • Total £166m = 18% of running the Church

  14. Pastoral administration • The Commissioners have a legal role in dioceses’ proposals for: • Creating new parishes • Uniting benefices • Setting up team or group ministries • Closing a church if not needed for parish worship • Commissioners also deal with parsonages and glebe

  15. Redundant churches Bristol St Paul circo-media centre

  16. Support for bishops • The Commissioners • pay bishops’ stipends • fund office and working costs • own diocesan bishops’ houses • meet maintenance and repair bills • pay garden expenses

  17. Support for cathedrals • For cathedrals the Commissioners fund: • the stipend of the dean and two canons in each cathedral • grants for staff costs targeted on the cathedrals with least resources

  18. Issues for the Commissioners • Funding pensions • Spending review follow up • Resourcing mission • Accountability and transparency • Administrative cost base

  19. Issues for the Commissioners Asset management • All assets are held under regular review • Over-dependence on residential property • sale of ‘Octavia Hill’ estates • Sale of 1 Millbank • revised see house guidelines and cyclical review

  20. The Church Commissioners http://cofe.anglican.org/about/churchcommissioners/

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