THE CHURCH OF ENGLAND PENSIONS BOARD

Registered charity 236627 · accounts filings on the Charity Commission register · also known as BISHOP MORLEY COLLEGE, CHURCH WORKERS PENSIONS AUGMENTATION FUND, CLERGY (WIDOWS AND DEPENDANTS) PENSIONS AUGMENTATION FUND, CLERGY PENSIONS AUGMENTATION FUND, CLERGY RETIREMENT HOUSING TRUST, CLERGY WIDOWS AND DEPENDANTS PENSIONS AUGMENTATION FUND

Provides the best possible support and care, within available resources, to those who have retired from stipendiary and lay ministry within the Church of England, and to their dependants, through the provision of retirement and supported housing, and through discretionary grants to ensure beneficiaries have a minimum income standard.

Causes: The Prevention Or Relief Of Poverty · Accommodation/housing · website · Get email alerts

Latest income
£42.0m
Latest spending
£43.3m
Registered
1964
Accounts read
FY2025

Financial health, per its FY2025 accounts

The accounts state that the charity holds free reserves in the region of £30m - £35m, which the trustees regard as appropriate to provide considerable cover in the case of a one-off significant financial stress event. The charity's total funds stood at £152.4m at the end of the year, with unrestricted funds representing expenditure recovered from pension schemes rather than retained reserves.

Automated summary of the FY2025 accounts; the evidenced findings below carry the verbatim passages.

What the accounts disclose

Highest-paid employee band: £276,000 — above the 90th percentile for charities its size (median £130k)
“The annual salary for the highest paid member of staff was £276,000 (2024: £267,000)”
Per its FY2025 accounts as filed with the Charity Commission.
Reserves policy: £30m - £35m (held: £30.0m)
“The Board holds free reserves in the region of £30m - £35m, allowing it to generate annual investment income of around £1.5m whilst taking an investment approach which aims to preserve capital value. This level of reserve is regarded appropriate to give considerable cover in the case of a one-off significant financial stress event.” — page 27
Per its FY2025 accounts as filed with the Charity Commission.
Related-party transaction: The Board paid £3,859,291 to CHARM Finance PLC in 2025 in respect of bond interest paid by the Company (2024: £3,560,286). At the balance sheet date, the Board owed CHARM Finance PLC £99,453,000 (2024: £99,425,000) in respect of loans repayable in relation to the 2015 and 2018 bonds, and CHARM Finance PLC owed the Board £47,325 (2024: £41,494) in respect of interest repayable.
“The Board paid £3,859,291 to CHARM Finance PLC in 2025 in respect of bond interest paid by the Company (2024: £3,560,286). At the balance sheet date, the Board owed CHARM Finance PLC £99,453,000 (2024: £99,425,000) in respect of loans repayable in relation to the 2015 and 2018 bonds, and CHARM Finance PLC owed the Board £47,325 (2024: £41,494) in respect of interest repayable.” — page 68
“The Board received £366,000 from CEPB Mortgages (2024: £365,000) in respect of mortgage interest received by the Company. At the balance sheet date, CEPB Mortgages owed the Board £4,775,000 (2024: £4,868,000) in respect of mortgage loans repayable.” — page 68
Per its FY2025 accounts as filed with the Charity Commission.
Related-party transaction: The Board received £366,000 from CEPB Mortgages (2024: £365,000) in respect of mortgage interest received by the Company. At the balance sheet date, CEPB Mortgages owed the Board £4,775,000 (2024: £4,868,000) in respect of mortgage loans repayable.
“The Board paid £3,859,291 to CHARM Finance PLC in 2025 in respect of bond interest paid by the Company (2024: £3,560,286). At the balance sheet date, the Board owed CHARM Finance PLC £99,453,000 (2024: £99,425,000) in respect of loans repayable in relation to the 2015 and 2018 bonds, and CHARM Finance PLC owed the Board £47,325 (2024: £41,494) in respect of interest repayable.” — page 68
“The Board received £366,000 from CEPB Mortgages (2024: £365,000) in respect of mortgage interest received by the Company. At the balance sheet date, CEPB Mortgages owed the Board £4,775,000 (2024: £4,868,000) in respect of mortgage loans repayable.” — page 68
Per its FY2025 accounts as filed with the Charity Commission.
Related-party transaction: The Board is a partner in ChECS, a joint venture. The Board's share of profits or losses from ChECS is included in the SOFA. In 2025, ChECS registered a net surplus from its new subsidiary, the Parish Giving Scheme (PGS), following ChECS becoming sole member of PGS on 1 January 2024. £111k of investment income was a result of joint venture in ChECS.
“The Board paid £3,859,291 to CHARM Finance PLC in 2025 in respect of bond interest paid by the Company (2024: £3,560,286). At the balance sheet date, the Board owed CHARM Finance PLC £99,453,000 (2024: £99,425,000) in respect of loans repayable in relation to the 2015 and 2018 bonds, and CHARM Finance PLC owed the Board £47,325 (2024: £41,494) in respect of interest repayable.” — page 68
“The Board received £366,000 from CEPB Mortgages (2024: £365,000) in respect of mortgage interest received by the Company. At the balance sheet date, CEPB Mortgages owed the Board £4,775,000 (2024: £4,868,000) in respect of mortgage loans repayable.” — page 68
Per its FY2025 accounts as filed with the Charity Commission.

Accounts audited by Crowe U.K. LLP. Discloses 5 of 6 completeness components.

What the charity says about itself (2025)

From its own voluntary annual review / impact report — the charity’s account of its work, distinct from the statutory accounts analysed above.

Number of pension processes completed stated in the Welcome section.
“Further, member services were upgraded, including a new website, and some 72,000 pension processes were completed.”
Funding secured for housing and wellbeing services stated in the Summary section.
“Secured £95m of national Church funding towards Church retirement housing and new financial wellbeing services.”

Property (HM Land Registry)

1,191 registered titles in England and Wales held by the charity’s company or corporate body (1091 freehold); recorded price paid £144.9m. All charity-held property. Contains HM Land Registry data © Crown copyright, OGL v3.0.

CQC provider record: The Church Of England Pensions Board — Deregistered, 1 registered location, last inspected 23/11/2016.charity number confirmed by CQC CQC record

Structured financials (annual return, FY ending 31/12/2025)

Total income
£42.0m
Total spending
£43.3m
Cost of raising funds
£116k
Reserves (reported)
£0
Employees
191

Reported reserves equal ~0.0 months of spending — in the bottom quarter for charities its size (median 4.6 months; benchmarks).

Per its annual return, largest income source: Charitable activities (71% of income) — components as reported reconcile to the return’s total income; not from the accounts narrative.

Per its annual return, cost of raising funds: 0.3% of total income — below the median for charities its size (3.8%) (benchmarks).

Trustees · trustee networks

Trustee list from the Charity Commission register (current, not historical).

Operates in: Throughout England And Wales

Income and spending

Financial year endIncomeSpending
31/12/2025£42.0m£43.3m
31/12/2024£63.7m£41.2m
31/12/2023£43.6m£38.5m
31/12/2022£31.7m£34.9m
31/12/2021£29.1m£30.2m

Common questions

Is THE CHURCH OF ENGLAND PENSIONS BOARD financially healthy?

Per its FY2025 accounts: The accounts state that the charity holds free reserves in the region of £30m - £35m, which the trustees regard as appropriate to provide considerable cover in the case of a one-off significant financial stress event. The charity's total funds stood at £152.4m at the end of the year, with unrestricted funds representing expenditure recovered from pension schemes rather than retained reserves. Its FY2025 accounts were audited by Crowe U.K. LLP.

What does the highest-paid employee of THE CHURCH OF ENGLAND PENSIONS BOARD earn?

Per its FY2025 accounts, the highest-paid employee was in the £276,000 band.

Who funds THE CHURCH OF ENGLAND PENSIONS BOARD?

Funders whose own accounts filings name THE CHURCH OF ENGLAND PENSIONS BOARD as a grant recipient include THE ARCHBISHOPS' COUNCIL, THE HOME OF DEVENISH, MRS R P TINDALL'S CHARITABLE TRUST, SIR JOHN PRIESTMAN CHARITY TRUST, THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER WEST HARROW.

Known funders

Grants to this charity found in funders’ own accounts filings.

FunderYearAmountPurpose (as stated by the funder)
THE ARCHBISHOPS' COUNCILFY2023£14.8mClergy retirement housing
THE ARCHBISHOPS' COUNCILFY2025£6.4mGrants for clergy retirement housing (CHARM)
THE HOME OF DEVENISHFY2025£50k
THE HOME OF DEVENISHFY2024£30k
THE HOME OF DEVENISHFY2022£28k
THE HOME OF DEVENISHFY2023£28k
MRS R P TINDALL'S CHARITABLE TRUSTFY2021£18kChristian Church
SIR JOHN PRIESTMAN CHARITY TRUSTFY2021£3kSection 2 2 Relief and Main n /Church Offi eir families
SIR JOHN PRIESTMAN CHARITY TRUSTFY2022£3kSection 2 h Relief and Maintenance of Clergy/Church Officials and their families
SIR JOHN PRIESTMAN CHARITY TRUSTFY2024£3kSection 2(g) (2)
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER WEST HARROWFY2021£2kPension contributions for clergy

Funders of similar charities

Funders whose accounts show grants to charities similar to this one (and no recorded grant to this charity) — a starting list for fundraisers.

Charities like this

Semantically similar by activities and financial character, from our analysed corpus. Compare with WORCESTER DIOCESAN BOARD OF FINANCE LIMITED.

Side by side with its peers

CharityIncomeTop pay bandStaff >£60kReserves vs policyFundraising costGoing concern
THE CHURCH OF ENGLAND PENSIONS BOARD£42.0m£276,000—unclear—no doubt
WORCESTER DIOCESAN BOARD OF FINANCE LIMITED FY2024£10.6mabove £60,0003above—no doubt
THE CHESTER DIOCESAN BOARD OF FINANCE FY2024£15.0m——unclear—no doubt
CHURCH COMMISSIONERS FOR ENGLAND FY2024£207.4m——unclear—no doubt
THE COVENTRY DIOCESAN BOARD OF FINANCE LTD FY2024£11.0m——below—no doubt
HYTHE UNITED REFORMED CHURCH CHARITY FY2024£131k—0unclear—noted

Each row is that charity’s latest analysed filing; every value is quote-backed on its own page.