The report follows an interim announcement in June 2022, which reported for the first time, and with great dismay, that the Church Commissioners’ endowment had historic links to transatlantic chattel slavery*. The endowment traces its origins partly to Queen Anne’s Bounty, a fund established in 1704.

In response to the findings, the Church Commissioners’ Board has committed itself to trying to address some of the past wrongs by investing in a better future. It will seek to do this through committing £100 million of funding, delivered over the next nine years commencing in 2023, to a programme of investment, research and engagement. This will comprise:

Establishing a new impact investment fund to invest for a better and fairer future for all, particularly for communities affected by historic slavery. It is hoped this fund will grow over time, reinvesting returns to enable it to have a positive legacy that will exist in perpetuity, and with the potential for other institutions to participate, further enabling growth in the size and impact of the fund.

Growth in the impact fund will also enable grant funding for projects focused on improving opportunities for communities adversely impacted by historic slavery.

Further research, including into the Church Commissioners’ history, supporting dioceses, cathedrals and parishes to research and address their historic links with slavery, and sharing best practice with other organisations researching their slavery legacies. As an immediate action, Lambeth Palace Library is hosting an exhibition** with items from its archives that have links to historic transatlantic chattel slavery.

The Church Commissioners will also continue to use its voice as a responsible investor to address and combat modern slavery and human rights violations, and to seek to address injustice and inequalities.

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This report lays bare the links of the Church Commissioners’ predecessor fund with transatlantic chattel slavery. I am deeply sorry for these links.

Only by addressing our past transparently can we face our present with integrity. https://t.co/KlyqyLY66V

— Archbishop of Canterbury (@JustinWelby) January 10, 2023

Speaking about the announcement, Bishop Philip said:

“I believe with all my heart that God has called me to carry Jesus across Lancashire, to bear witness to his love and peace here in this county. I have done that for the past eight years as Bishop of Burnley, and I will go on doing that as Bishop of Blackburn. I am delighted to be staying in a county that I love very deeply indeed, delighted also that we will be able to carry on the work here in Blackburn Diocese.

“There are three things for which I will be labouring tirelessly in the years to come. Firstly, I am committed to continuing the growth of the church in Lancashire, helping to build joyful Christian communities. Secondly, I would love to see the Church of England in Lancashire being an ever-stronger voice for justice, especially for the poorest.

“And thirdly, I believe children and young people need to be at the very heart of all that we do. The current generation of young people is such an impressive one, with a real desire to build a better world. Yet at the same time I know that life is not always easy for them. There are such exciting opportunities for young people in Lancashire – we need to see more.

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Philip North named as next Bishop of Blackburn – https://t.co/aOKxw7IzLO pic.twitter.com/NwfryAWrxb

— The CofE in Lancashire (Blackburn Diocese) (@cofelancs) January 10, 2023

Keep us, O Lord, constant in faith and zealous in witness, that, like thy servant William Laud, we may live in thy fear, die in thy favor, and rest in thy peace; for the sake of Jesus Christ thy Son our Lord, who liveth and reigneth with thee and the Holy Spirit, one God, for ever and ever.

Almighty God, who to wise men who sought him didst manifest the Incarnation of thy Son by the bright shining of a star: Grant that, as they presented unto him gifts, gold and frankincense and myrrh, so we also out of our treasures may offer to him ourselves, a living sacrifice acceptable in thy sight; through him who for our sakes was born on earth as a little child, Jesus Christ our Lord.

‘But let all who take refuge in thee rejoice,
let them ever sing for joy; and do thou defend them,
that those who love thy name may exult in thee.
For thou dost bless the righteous, O Lord;
thou dost cover him with favor as with a shield.’

–Psalm 5:11-12