The Church The Church CommissionersCommissioners

Who we are and what we Who we are and what we dodo

The Commissioners’ The Commissioners’ originsorigins

Formed in 1948 by merging Queen Formed in 1948 by merging Queen Anne’s Bounty (1704) and Anne’s Bounty (1704) and Ecclesiastical Commissioners (1836)Ecclesiastical Commissioners (1836)

Church Commissioners manage £4.9 Church Commissioners manage £4.9 billion in assets to produce money billion in assets to produce money for the Church’s ministryfor the Church’s ministry

Mission statement: Mission statement: to support the to support the Church of England’s ministry, especially Church of England’s ministry, especially in areas of need and opportunityin areas of need and opportunity

Who are the Church Who are the Church Commissioners?Commissioners?

33 in totalThe 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

National Church National Church InstitutionsInstitutions

Archbishops’ Council Archbishops’ Council Church of England Pensions BoardChurch of England Pensions Board Lambeth PalaceLambeth Palace Lambeth Palace LibraryLambeth Palace Library BishopthorpeBishopthorpe National SocietyNational Society Advisory Board for Redundant Advisory Board for Redundant

ChurchesChurches Church CommissionersChurch Commissioners

What the Commissioners What the Commissioners dodo

Asset management Asset management UK equities £1.8bnUK equities £1.8bn Global equities £1.1bnGlobal equities £1.1bn Bonds and cash £0.2bnBonds and cash £0.2bn Commercial property £0.7bnCommercial property £0.7bn Rural property £0.3bnRural property £0.3bn Residential property £0.4bnResidential property £0.4bn Loans £0.4bnLoans £0.4bn TOTAL £4.9bnTOTAL £4.9bn

Asset allocationAsset allocation

0

10

20

30

40

50

60

UK & global equities

Bonds/cash

Commercial

Rural Residential

VL loans

2004 2005

Fund performanceFund performance

05

10152025

1996-2005

2001-2005

2005

Relative returns

Commissioners Industry average

Commissioners have Commissioners have performed better than performed better than average funds by:average funds by:

3%3% p.a. over the last p.a. over the last 10 years10 years

2%+2%+ over last 5 years over last 5 years -0.8%-0.8% in 2005 due to in 2005 due to

low returns from loanslow returns from loans Additional £38m pa Additional £38m pa

made available to the made available to the ChurchChurch

Stock exchange Stock exchange

Stock exchange. 10 largest holdingsStock exchange. 10 largest holdings Royal Dutch Shell, Royal Dutch Shell, BP, BP, HSBC Holdings,HSBC Holdings,

Vodafone GroupVodafone Group, , GlaxoSmithKline,GlaxoSmithKline, Royal Royal Bank of Scotland Group,Bank of Scotland Group, Legal & General, Legal & General, AstraZeneca, AstraZeneca, Barclays Barclays and HBOS.and HBOS.

Ethical investment policy Ethical investment policy

Commercial property Commercial property

Bluewater Shopping Centre, Kent

Rural property Rural property

York farm estate visit

Residential property Residential property

Connaught Village, Hyde Park estate

What the Commissioners What the Commissioners dodo

Spending responsibilities Spending responsibilities Clergy pensionsClergy pensions Broader support for the Church’s work:Broader support for the Church’s work:

Parish ministry and missionParish ministry and mission Bishops’ ministryBishops’ ministry Cathedrals Cathedrals Church buildings Church buildings

Pastoral administrationPastoral administration National clergy payroll National clergy payroll

Support for the Church’s Support for the Church’s ministryministry

£31m

£21m

£7m£7m

Pensions

Parishes

Bishops

Cathedrals

Othercosts

£100m

Support for the Church in 2005

102

Total £166m = 18% of running the ChurchTotal £166m = 18% of running the Church

Pastoral administrationPastoral administration

The Commissioners have a legal The Commissioners have a legal role in dioceses’ proposals for:role in dioceses’ proposals for: Creating new parishesCreating new parishes Uniting beneficesUniting benefices Setting up team or group ministriesSetting up team or group ministries Closing a church if not needed for Closing a church if not needed for

parish worshipparish worship

Commissioners also deal with Commissioners also deal with parsonages and glebe parsonages and glebe

Bristol St Paul circo-media centre

Redundant churchesRedundant churches

Support for bishops Support for bishops

The CommissionersThe Commissioners• pay bishops’ stipends• fund office and working costs• own diocesan bishops’ houses• meet maintenance and repair

bills• pay garden expenses

Support for cathedralsSupport for cathedrals

For cathedrals the For cathedrals the Commissioners Commissioners fund:• the stipend of the dean and two

canons in each cathedral• grants for staff costs targeted on

the cathedrals with least resources

Issues for the Issues for the CommissionersCommissioners

Funding pensions Funding pensions

Spending review follow upSpending review follow up

Resourcing missionResourcing mission

Accountability and Accountability and transparencytransparency

Administrative cost baseAdministrative cost base

Issues for the Issues for the CommissionersCommissioners

Asset managementAsset management All assets are held under regular All assets are held under regular

reviewreview Over-dependence on residential propertyOver-dependence on residential property

sale of ‘Octavia Hill’ estatessale of ‘Octavia Hill’ estates

Sale of 1 MillbankSale of 1 Millbank

revised see house guidelines and cyclical revised see house guidelines and cyclical reviewreview

The Church CommissionersThe Church Commissioners

http://cofe.anglican.org/about/churchcommissioners/