This body came into existence in 1948 and inherited the resources of two earlier bodies – the Governors of Queen Anne’s Bounty and the Ecclesiastical Commissioners, both of whom had capital funds available for the use of the Church of England. The Church Commissioners’ funds consist of investment and property, and it is the interest from these capital funds that the Commissioners are able to deploy. Some is used for the payment of bishops’ stipends and expenses and the upkeep of their residences (which technically belong to the Commissioners), some is used for the payment of the higher clergy, and some goes to dioceses for the payment of the clergy. Some is used to help with the provision and upkeep of houses for the clergy. The largest share of the Commissioners’ funds are also, is used for clergy pensions.