Introducing the Church Commissioners Paul Lewis Mission and Pastoral Measure 2011 Summer 2012 Conferences

Background Formed in 1948 by merging Queen Anne’s Bounty (1704) and Ecclesiastical Commissioners (1836) Church Commissioners manage £5.2 billion (as at end of 2011) 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 Mission and Pastoral Measure 2011 Summer 2012 Conferences

Who are the Church Commissioners? 33 Commissioners: 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 Mission and Pastoral Measure 2011 Summer 2012 Conferences

What do we do? Manage stock market shares and commercial, residential and rural property worth £5.2 billion (Dec 2011) Seek long term returns to help pay clergy pensions and support the work of bishops, cathedrals and mission in parishes Administer legal framework for pastoral reorganisation and settling future of closed churches Pensions and payroll Mission and Pastoral Measure 2011 Summer 2012 Conferences

Asset management Investments, including fixed interest, UK & overseas equities - £3,162.9m Investment properties, including commercial, residential, rural, strategic land, timberland, value linked loans & global indirect property holdings - £1,811.1m Other assets & liabilities, including loans, short term deposits and cash - £263.6m Mission and Pastoral Measure 2011 Summer 2012 Conferences

Fund performance The Commissioners’ total assets have outperformed both its target return of RPI +5% p.a. and its comparator group over the past 3, 15 and 20 years This translates into £31m more each year in distributions to the Church than would have been possible if we had performed at the industry average Mission and Pastoral Measure 2011 Summer 2012 Conferences

Long-term focus Long term investors Reaping the benefits of our predecessors’ work Duty to ‘re-seed’ portfolios and leave similar legacy to our successors Mission and Pastoral Measure 2011 Summer 2012 Conferences

Spending and administration In 2011: Clergy pensions (£114.6m) Parish mission and ministry support (£37.7m) Bishops’ ministry (£30.8m) Cathedrals support (£8.4m) Church buildings (£3.1m) Support for other Church bodies (£0.2m) Administration (£3.1m) Mission and Pastoral Measure 2011 Summer 2012 Conferences

Support for Church in 2011 Total £197.9m = 15% of running the Church Mission and Pastoral Measure 2011 Summer 2012 Conferences

Supporting the Church’s ministry Partnership with Archbishops’ Council: Nine spending plans conferences in 2009 discussed priorities with diocesan and cathedral representatives spending plans: Funds to support the spiritual and numerical growth of the Church Research and development ‘Mixed economy’ Dispute resolution in parish reorganisation Run clergy and pensioner payroll Mission and Pastoral Measure 2011 Summer 2012 Conferences

Parish Reorganisation Reorganisation in response to demographic change in population and changing shape of ministry In last 5 years around 25% of benefices and parishes affected by reorganisation (Commissioners heard 8 contested cases in 2011) Help the Church adapt to serve communities’ pastoral/ mission needs Mission and Pastoral Measure 2011 Summer 2012 Conferences

Church buildings Mission element to the handling of closed churches Open and fair procedures (public hearings) and professional support to dioceses 26 schemes in 2011: 18 alternative uses, 1 Churches Conservation Trust, 5 demolitions and 2 returns to parish use Sales proceeds to help fund living Church (over £35 million since 1969) Mission and Pastoral Measure 2011 Summer 2012 Conferences