We believe that by addressing our past transparently, particularly this part of our past, the Church and its teachings will be more relevant to more people. We see our response as an important missional activity that will support the work and ministry of the Church of England in England.

The Church Commissioners seeks through the research it has done, and its response, to acknowledge the truth of our past, apologise for the wrongs that this research has highlighted, and to address these wrongs through repentance, remembrance, reconciliation, and renewal.

The Church Commissioners identified this sum knowing that no amount of money will ever be enough to repair the horrors of the past.

The Church Commissioners’ Board wanted to commit a significant and impactful amount financially, while also being confident that it will not impact its ability to honour its existing financial commitments to fund certain aspects of the Church.  The Board looked at other institutions with similar histories that had set aside funds in response when considering the level of funding it would make available.

We assessed that £100 million over 9 years was an appropriate figure which would enable us to act in thoughtful and meaningful ways whilst respecting our existing financial commitments and statutory mandate.

The total commitment is equal to approximately 1% of the current endowment fund.  The £100 million funding over nine-years through to 2031, sits alongside expected total distributions by the Church Commissioners in support of the mission and ministry of the Church of England of £3.6 billion over the same period (representing about 3% of these total distributions).

The ambition is that the impact investment fund will hopefully grow in perpetuity and establish a lasting positive legacy for a wide range of communities.  There is also potential for other institutions to participate, further enabling growth in the size and impact of the fund.

The hope of the Church Commissioners is that the £100million will:

• create an in-perpetuity impact investment endowment fund, i.e. a separate charitable fund, that will grow over time, seeking to attract others to join us or take similar investing action of their own so that the ultimate size and impact of the endowment fund is materially larger and thereby seeks to make a lasting impact.
• invest in a better, fairer future that promotes human flourishing for historically marginalised and vulnerable groups, in particular communities impacted by historic transatlantic chattel slavery, creating a fairer future for all.
• inspire others to act.

Our response is not about paying compensation to individuals, nor is it purely about the money.  We want to be clear that no amount of money will ever be enough to repair the horrors of the past.  That is why, through this fund, we are seeking to invest for a better and fairer future for all, in particular for communities affected by historic transatlantic chattel slavery.

We are hopeful that the work of the Church Commissioners to address its shameful past will be seen as a first step on a pathway to reparatory justice.

There are many different models for reparatory justice, and the independent Oversight Group advising the Church Commissioners is creating proposals that are informed by these models.  The Church Commissioners themselves are not experts on reparatory justice, and also do not seek to judge their own actions.  When we have adopted a detailed model for the response, we hope it will be possible to evaluate whether or not this can serve as a reparatory act.

The Church Commissioners Board of Trustees have legal responsibilities for decision-making that we must fulfil taking into account Charity Commission guidance.  However, we have actively sought for many descendants of enslaved people to input to our response, including members of the Commissioners’ Board and a majority of the independent Oversight Group that is advising the Church Commissioners.  The Oversight Group and the Commissioners’ Board have also been informed by engagement events and a diverse global survey commissioned as part of the Oversight Group’s work (see next FAQ).

The appointment of an independent Oversight Group, with a material element of its membership from those who are expert in the historic legacies of transatlantic chattel slavery has been an important step towards this.

In October 2023, the Commissioners hosted a range of engagement events which were designed to gain input from stakeholders of communities impacted by the legacy of Transatlantic Chattel Slavery, as well as launching a global survey targeted at these communities. 1,106 people were involved through these engagement routes. The insight gained through this has been invaluable and will inform the Church Commissioners’ response.

A new Oversight Group has been formed, with significant membership from communities impacted by historic transatlantic chattel slavery. This Group will work with the Church Commissioners on shaping and delivering the response, including plans and policies for how the fund will be deployed, informed by continuing listening and engagement.  We’ll communicate more about this in early 2024.

The primary aim is that the fund achieves impact through investments, and it is hoped that these investments will enable the fund to grow over time, leaving a lasting positive legacy.  We expect that we will engage with the relevant regulatory bodies about the establishment of this fund.

The Oversight Group will help determine the type of investments the new impact fund will make, and the type of grants it may give in the future.

We are aiming to establish the fund in 2024.  We are very keen to take sufficient time to do this, working closely with the Oversight Group, and anticipate that this will take some months.

The primary aim is that the fund achieves impact through investments, and it is hoped that these investments will enable the fund to grow over time, leaving a lasting positive legacy.  The Oversight Group will give advice on the type of investments the new impact fund may make, and the type of grants it may give in the future.

Once we have more information, we will communicate this via our website.

The Board of the Church Commissioners recognises that trustees are responsible for governing the charity and making decisions about how it should be run.  In doing so they take into account Charity Commission guidance. The Church Commissioners is also committed to listening to those who are expert in this work as part of the response and ensuring that our response is informed by the best available expertise.  The Oversight Group comprises experts on impact investing, reparatory frameworks, history, the law and theology, and the Church Commissioners is grateful for their independent expert advice and challenge.