The Church of England is navigating a legal challenge to Project Spire, a £100m initiative designed to address the institution’s historical financial links to the transatlantic slave trade. The project emerged following research into Queen Anne’s Bounty, an endowment fund established in 1704 that invested in the South Sea Company, documented to have transported more than 34,000 enslaved people. The fund also received donations from individuals involved in the slave trade, including Edward Colston.
Project Spire was formally established in 2023, and the Church Commissioners subsequently committed £100m in funding. According to plans under consideration, the investment fund would direct capital toward startups in descendant communities with social and environmental objectives, alongside financial returns. At the Church of England’s General Synod gathering, Stephen Cottrell, the Archbishop of York, characterized the initiative as “a work of healing, justice and repair.”
Advocates for the project have drawn attention to the scale of historical enrichment. Daniel Matovu, representing the Diocese of Oxford at the synod, stated that the church had not only profited from the slave trade but “supported, defended and participated in” it. He indicated estimates suggesting the church generated approximately £5m annually in contemporary terms from operating sugar plantations in Barbados between 1710 and 1838, totaling roughly £640m overall.
The initiative has attracted substantial opposition from conservative figures and organizations, including the Policy Exchange thinktank and certain Conservative politicians. Some critics argue the project is “historically uninformed” and question whether church resources should be allocated differently. The Bishop of Norwich confirmed that Project Spire staff have endured significant hostile communications during the dispute. Additionally, the Anglican missionary organization USPG established its own £7m reparative justice effort in 2024 following an apology for historically owning two Barbadian plantations where thousands were enslaved.
Church leadership has acknowledged the legal challenge while emphasizing the institution’s assessed responsibility for the historical conduct. Officials stated that full legal advice would be sought regarding the matter as proceedings continue.
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