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/