Ten senior CofE charity managers got more than £1m of incentive payments last year

The payments, spread between the 10, are based on high investment returns for the Church Commissioners for England, according to its annual report

Church Commissioners for England
Church Commissioners for England

The Church of England's charity paid its 10 senior managers more than £1m between them last year as part of a long-term incentive programme.

The payments, which are revealed in the 2016 annual report of the Church Commissioners for England, are based on the charity's high investment returns, which more than doubled from 8.2 per cent to 17.1 per cent in the year to December 31 2016.

The organisation, which is the third-largest UK charitable giver, now has an investment portfolio worth £7.9bn.

Tom Joy, director of investments, received the largest incentive bonus of £202,000, which on top of his £259,000 salary boosted his annual earnings to £461,000.

The Church Commissioners for England, which was formed by merger in 1948, employs 160 administrative staff in addition to its senior management team.

A charity spokesman said payments for the long-term incentive programme were determined by investment performance over five years.

"To fulfil our obligations towards the mission of the Church of England, we need to attract and retain experienced and qualified staff," he said. "This year’s return of 17.1 per cent is well ahead of our target of inflation plus 5 per cent, and would not have been possible if we were not able to attract excellent staff."

The spokesman said remuneration was "in line with our policies on executive pay".

He said: "During 2016 the highest-paid member of staff earned 11.5 times the salary, excluding long-term incentive programme payments, received by the lowest-paid member of staff, and 6.8 times the median salary."

The charity’s annual report also reveals that it made six redundancy payments totalling £441,000 last year. The spokesman said the payouts affected staff in central business and support functions and were determined by pre-agreed contractual terms. He would not reveal further details.

The charity has achieved an average return of 9.7 per cent per annum on investments over the past 30 years, boosting the value of its fund from £2.4bn in 1995 to the current level of £7.9bn.

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