The Commissioners do not ring-fence capital receipts for specific purposes. Receipts are reinvested with the aim of maximising the fund’s long-term total return in support of the Commissioners’ various responsibilities. These include meeting clergy pension commitments and providing maximum sustainable funding for bishops and cathedrals as well as parish mission and ministry support.
The information requested is as follows.
(a) As the Commissioners do not ring-fence capital receipts, it is not possible to state the return on the capital receipts obtained by them from a specific transaction.
(b) I can, however, tell the hon. Gentleman that the total return on the Commissioners’ assets in 2007 was 9.4 per cent. The total return on the rural holdings was 36.6 per cent. which included sales significantly above valuation.
Because the Commissioners pursue a total return investment strategy rather than ring-fencing receipts for specific reinvestment or expenditure, it is not possible to give a monetary value for the capital receipt obtained by the specific transaction to which the hon. Gentleman refers.
(2) how many tenanted agricultural holdings with rights of succession under the Agricultural Holdings Act 1986 were re-let in whole or in part as farm business tenancies to (a) individuals unconnected to previous tenant family and (b) members of the previous tenant's families following the death or retirement of the previous tenant in each of the last five years.