The letter, whose co-authors include MPs Katie Lam, Chris Philp and Claire Coutinho, adds: “By law, the endowment must be used to support parish ministry, maintain church buildings, and care for the Church’s historic records.
“At a moment when churches across the country are struggling to keep their doors open — many even falling into disrepair — it’s wrong to try and justify diverting £100 million to a project entirely separate from those core obligations.”
A spokesperson for the Church Commissioners said: “The Church Commissioners, as a 320-year-old Christian in-perpetuity endowment fund, has committed £100 million to set up a new investment fund to support healing, justice and repair, in response to the discovery of its historic links with transatlantic African chattel enslavement.
“This is consistent with the Church of England’s Fourth Mark of Mission: to ‘seek to transform unjust structures of society, to challenge violence of every kind and pursue peace and reconciliation’.
“Governance arrangements are being developed transparently — in line with charity law, our fiduciary duties, and our moral purpose — to ensure proper oversight and accountability.”
Mullally will formally replace Welby in a ceremony at St Paul’s Cathedral in January before being enthroned at Canterbury Cathedral in March.
A former NHS chief nurse, the 63-year-old became a priest in 2006 and was appointed as the first female Bishop of London in 2018 – the third most senior member of clergy in the Church of England.
The Church has been without someone in the top job for almost a year after Justin Welby resigned over a safeguarding scandal.