§ 39. Sir Sydney ChapmanTo ask the right hon. Member for Selby, representing the Church Commissioners, if he will make a statement on the Church Commissioners' investment income and expenditure in 1995. [27706]
§ Mr. AlisonThe commissioners' investment income in 1995 was £137 million, a yield of 6.1 per cent. compared with 6.2 per cent. in 1994 based on the WM All Funds' independent assessment of our performance. This reduction is a consequence of rebalancing the portfolio by reducing property and gilts and increasing equities. Total return—that is, income plus capital growth—was 19.5 per cent. compared to the WM All Funds' benchmark of 19.1 per cent.
Expenditure was £143 million. The two main items of expenditure were £77 million for clergy pensions, which are currently paid in full by the commissioners, and £42 million for clergy stipends.