Bishop Rosemarie Mallett, who chaired the group behind the report, said she hoped it would be “a catalyst to encourage other institutions to investigate their past”

Nathan Standley
BBC News

Adina Campbell

Community affairs correspondent

@adinacampbell4 March 2024, 10:26 GMT
Updated 4 minutes ago

The £100m earmarked by the Church of England for a new investment fund to help repair damage caused by its historic links to slavery is “not enough”, a report says.

It comes after an investigation last year found the Church had invested large amounts of money in a company that transported tens of thousands of slaves.

The Church said it welcomed the report by the Church Commissioners charity and accepted its recommendations – but would not commit to raising the fund to the report’s £1bn target.

The Archbishop of Canterbury, Justin Welby, said the report was “the beginning of a multi-generational response” to the “appalling evil” of slavery.

Mr Welby previously called the report’s interim findings a “source of shame”.

The report also reiterated calls for the Church to fully acknowledge its involvement in the slave trade, after the archbishop said he was “deeply sorry for the links” in 2022.

Money from the new fund should be invested in black-led businesses focusing on education, economic empowerment and better health outcomes, the independent group said in its report.

The oversight group behind the report has been looking into the history of the Church’s investment fund, which in the 18th Century was known as Queen Anne’s Bounty.

At that time, it had investments worth £406,942 (potentially equivalent to about £724m in today’s money) in the South Sea Company.

The company transported 34,000 slaves in crowded, unsafe and inhumane conditions over a 30-year period.

The group’s report recommended that the Church should:

Recognise the £100m initially earmarked for the new investment fund is “not enough”, and increase it to at least £1bn

Accelerate the timeline for the delivery of the fund

Acknowledge and apologise for its historic denial that black Africans are created in the image of God, and for its “deliberate actions to destroy diverse African religious belief systems”

The group says the new investment programme should be ultimately owned and run by black communities, and should start later this year.

Bishop Rosemarie Mallett, who chaired the group, said she hoped the report would be “a catalyst to encourage other institutions to investigate their past and make a better future for impacted communities”.

She told BBC Radio 4’s Today programme the impacts of slavery that are still felt in communities today are that “we brought in a system of racism, where people were judged on the basis of their colour”.

She added: “We can’t change the past, but we can work for a better present and we can build a legacy for the future.”

The Church Commissioners manages the Church’s investment portfolio.

A spokesperson said the £100m is seen as a “seed investment”, which they hope will “grow over time” and “will inspire others to act”.

They said the Church Commissioners “recognise that no amount of money will ever be enough to address the impact of their involvement in transatlantic chattel slavery”.

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