<P> Meanwhile, the church moved the majority of its income - generating assets (which in the past included a great deal of land, but today mostly take the form of financial stocks and bonds) out of the hands of individual clergy and bishops to the care of a body called the Church Commissioners, which uses these funds to pay a range of non-parish expenses, including clergy pensions and the expenses of cathedrals and bishops' houses . These funds amount to around £ 8 billion and generate income of around £ 260 million each year (as of 2003), around a fifth of the church's overall income . </P> <P> The Church Commissioners give some of this money as "grants" to local parishes; but the majority of the financial burden of church upkeep and the work of local parishes still rests with individual parishes and dioceses, which meet their requirements from donations . Direct donations to the church (not including legacies) come to around £ 460 million per year, while parish and diocesan reserve funds generate another £ 100 million . Funds raised in individual parishes account for almost all of this money and the majority of it remains in the parish which raises it, meaning that the resources available to parishes still vary enormously according to the level of donations they can raise . </P> <P> Most parishes, however, give a portion of their money to the diocese as a "quota" or "parish share". While this is not a compulsory payment, dioceses strongly encourage and rely on it being paid; it is usually only withheld by parishes either if they are unable to find the funds or as a specific act of protest . As well as paying central diocesan expenses such as the running of diocesan offices, these diocesan funds also provide clergy pay and housing expenses (which total around £ 260 million per year across all dioceses), meaning that clergy living conditions no longer depend on parish - specific fundraising . </P> <P> Although asset - rich, the Church of England has to maintain its thousands of churches nationwide . The Church of England has some 16,000 church buildings, in 13,000 parishes covering the whole of England, as well as 43 cathedrals . Together they form a unique collection of buildings; between 12,000 and 13,000 churches are listed, i.e. are recognised by the government as being of exceptional historic or architectural importance . About 45% of all Grade I buildings in England are churches . Though first and foremost a place of worship, churches are also often the oldest building in a settlement still in continual use . Even in industrial or 20th century settlements, they are a focus . </P>

What does the church of england spend its money on