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Aims and outcomes in 2008

Asset management

  • Exceeded fund performance benchmarks in eight of the past ten years: average total return of 5.7% pa over the last ten years compared with average UK pension funds return of 3.7% pa has produced an extra £26m pa for the Church.
  • Management programme to control exposure to non-sterling currencies: cost more than offset by our foreign currency assets’ increase in sterling value.
  • Over the last four years we have sold out of over £0.4bn of UK residential property in strong markets, mitigating the impact of current market conditions.
  • New holdings to increase the geographic diversity of the global indirect portfolio. Overseas property assets generated a relative return of 22.6% compared with the IPD All Property benchmark.

Funding the Church’s mission

  • Actuaries confirm that 2008-10 non-pension spending plans are appropriate and we hope to keep 2011-13 spending level in monetary terms.
  • Directed more than £40m towards parish-level mission development compared with £20m in 1998.
  • Targeting £7.25m over 2008-10 on dioceses’ investment in areas of new housing and business development. Funds now earmarked for 15 dioceses.

Working for better support structures

  • Global budgets for bishops’ working and office costs successfully completed their first year of operation.
  • Staff restructuring and professionalisation into 2008 have supported diocesan endeavours to find new uses for closed church buildings that add value to their communities, are sensitive to these buildings’ heritage value and aid financial reinvestment in the Church’s mission.
  • Commissioners’ support for the Dioceses Commission secretariat started in 2008.
  • Organised national conferences and training events to launch the new legislation .

News sharing and accountability

  • Worked with Archbishops’ Council and dioceses on outcomes-led reports on dioceses’ evaluation of their use of parish mission fund money.
  • Evaluated cathedrals’ use of and benefit from the Commissioners’ administrative support grants under section 23 of the Cathedrals Measure.
  • Raised the profile of church-related topics in Parliament including the campaign in respect of the proposed new water drainage charging regime.