The Church of England has set aside more than $120 million in a fund intended “to address past wrongs” related to the institution’s historic links with the transatlantic slave trade.
The church said the money, which is not being called “reparations” because it will not be going to individuals, will be used to provide a “better and fairer future for all, particularly for communities affected by historic slavery,” according to a Tuesday statement.
An investigation by the Church Commissioners, a charity that manages the Church’s investment portfolio, examined the Church’s investment fund that dates back to the 18th century and was known as Queen Anne’s Bounty.
The investigation found that by 1777, Queen Anne’s Bounty had invested £406,942 – which would be equivalent to around £724 million today – in the South Sea Company. The report also estimated that the South Sea Company transported 34,000 slaves in poor conditions over its 30 years of operation.