Despite declining membership the C of E's investment and real estate arms* should be able to fill the gap.
From The Guardian, June 18:
C of E clergy and lay staff represented by Unite ask for 9.5% increase in first ever claim
....MUCH MOREChurch of England vicars have become the latest group of workers to demand a pay rise in the face of the cost of living crisis, as Unite’s general secretary, Sharon Graham, claimed they were among the “working poor”.
More than 2,000 clergy and lay staff represented by the union have submitted their first ever official pay claim, asking for a 9.5% rise in the annual stipend, which stands at £26,794.
The C of E’s remuneration and conditions of service committee is scheduled to meet on Monday, and has invited Unite to make a submission about its members’ pay and conditions for the first time, after lobbying by the union.
Graham said: “Like all workers, Church of England clergy are struggling with the cost of living crisis. While many will argue their work is a vocation, the simple truth is that on their current rewards they are among the working poor.”
The stipend is funded by contributions from congregations, but Unite is calling for additional central funding to be made available. It points out that the church commissioners’ investment fund, which supports the work of the church, is worth more than £10bn....
*The real estate operation of the Church consists, in part, of disposal of redundant properties, sometimes to be repurposed as Muslim mosques, sort of like Constantinople's Hagia Sophia basilica in 1453, but without the siege and the slaughter that preceded that change in ownership.
The investment arm seems to do quite well, sometimes topping the league tables, though occasionally accompanied by controversy and/or claims of hypocrisy:
Hedge funds win Church of England blessing (no new comments on 'Bank Robbing Traders')
Archbishop of Canterbury Tells Bankers to Repent
Short-Sellers `Clearly Bank Robbers,' Says Archbishop
Church of England accused of short-selling after its attack on 'bank robbing' traders
What would Jesus short?
From Ekklesia, Nov. 6, 2008:
Church of England faces investment gloom
The Church of England is expected to be praying for a big interest rate cut this morning from the Bank of England, as it faces further gloom over its investments.
The Church Commissioners had £13m invested in Man Group at the end of last year, the largest listed hedge fund manager. However, this morning the company was down 30% in early trading after its profits slumped - potentially wiping £4 million off the value of the Church's investment, overnight.
"Church of England Eyes Music Royalties"
This ain't your Henry VIII's CofE
You may have seen the performance numbers when they came out in May, the FT headline was "Church of England fund becomes top world performer". That was on a 17.1% increase.
In late July Pensions & Investments couldn't help themselves with their AUM report "Assets up a heavenly 21% for Church of England".
So what's going on with an outfit we've poked fun at over the years?....
