Question

To ask the Member for South West Bedfordshire, representing the Church Commissioners, what recent estimate he has made of the value of investment and liquid assets of the Church of England (a) centrally and (b) by diocese and cathedral, including those of the Church Commissioners less the liability for pensions for which they are responsible.

At the end of 2020 the total value of the Church Commissioners’ assets, less the estimated value of future pensions obligations, was £7,573m.

The Commissioners have additional and ongoing statutory funding obligations over and above pension liabilities, including support for the work of bishops and cathedrals. The Commissioners also make grants to support the work of the Church across the country, with a focus on supporting the poorest communities.

The Commissioners plan their spending in three year cycles and estimated expenditure in 2020-22 is £930m including £383m for pensions.

Further information is available in the most recent annual report of the Church Commissioners: https://www.churchofengland.org/about/leadership-and-governance/church-commissioners-england/how-we-are-governed/publications

The year end balances for Dioceses in 2019 (the most recent information available) were £1,692m in investments (the majority restricted for particular purposes) and £184m in cash. For cathedrals this was £524m in investments and £50m in cash. The majority of investment assets are in property investments, which are less liquid than stock market investments. Typically around two-thirds of diocesan incomes come from parish share, the majority of which is funded by individuals’ donations to Parochial Church Councils. This funding stream has been impacted by the pandemic and resulted in a significant draw on diocesan reserves.