Investment for Parishes
Custodian funds
The diocese looks after funds on behalf of parishes – what we call Custodian Funds – acting under the Parochial Church Councils (Powers) Measure 1956 and the Incumbents and Churchwardens (Trusts) Measure 1964. The managing trustees are still parochial church councils and others – we won’t make any changes to how funds are held without being asked
We hold funds if they are gifted as a permanent endowment (i.e. only the income may be used and the capital must be held). If the purposes are ecclesiastical then section 6 of the Parochial Church Council (Powers) Measure 1956 (the Measure) amended applies, so the diocese has to hold the shares as custodian trustee.
The PCC(Powers) Measure 1956 also requires the diocese to hold land and property on behalf of PCCs. As the custodian trustee, the diocese administers these funds on behalf of the parish (managing trustee).
For queries relating to any custodian funds, please email trusts@portsmouth.anglican.org.
Where are your investments?
The majority of PCC funds are held with Churches, Charities and Local Authorities (CCLA) Investment Management Limited but some investments are held elsewhere. Some questions your PCC might consider with your investments are:
- Do they meet the Church of England ethical guidelines?
- Have all holdings been reviewed recently?A re they in the best place for the needs of the PCC?
The diocese can support with moving investments through our usual withdrawal processes for custodian funds.
CCLA investment training
Training was run – in conjunction with CCLA (Richard Sankey) – with Elaine Coe and Paul Mitchell from the Investment Advisory Group (IAG), to provide an oversight on investment funds selection and how to generate income from those funds, ranging from Cash to Equities, based on risk factors. The session also highlighted that although as a Diocese we hold and administer Custodian Funds on behalf of PCCs. The finance team will support PCCs with changes that they wish to make to their investments. The training was aimed to inform attendees about diversification of investments to seek the best return for them for income.