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) 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 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 Archbishops’ Council Church of England Pensions Board Church of England Pensions Board Lambeth Palace Lambeth Palace Lambeth Palace Library Lambeth Palace Library Bishopthorpe Bishopthorpe National Society National Society Advisory Board for Redundant Churches Advisory Board for Redundant Churches Church Commissioners Church Commissioners

5. What the Commissioners do Asset management UK equities £1.8bn UK equities £1.8bn Global equities £1.1bn Global equities £1.1bn Bonds and cash £0.2bn Bonds and cash £0.2bn Commercial property £0.7bn Commercial property £0.7bn Rural property £0.3bn Rural property £0.3bn Residential property £0.4bn Residential property £0.4bn Loans £0.4bn Loans £0.4bn TOTAL £4.9bn 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 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. Royal Dutch Shell, BP, HSBC Holdings, Vodafone Group, GlaxoSmithKline, Royal Bank of Scotland Group, Legal & General, AstraZeneca, Barclays and HBOS. Ethical investment policy 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 Clergy pensions Broader support for the Church’s work: Broader support for the Church’s work: Parish ministry and mission Parish ministry and mission Bishops’ ministry Bishops’ ministry Cathedrals Cathedrals Church buildings Church buildings Pastoral administration Pastoral administration National clergy payroll National clergy payroll

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

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

15. Bristol St Paul circo-media centre Redundant churches

16. Support for bishops The Commissioners 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 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 Funding pensions Spending review follow up Spending review follow up Resourcing mission Resourcing mission Accountability and transparency Accountability and transparency Administrative cost base Administrative cost base

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

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