But Project Spire, the Church Commissioners’ proposed £100 million programme of “healing, repair and justice”, asks us to accept much more than an honest historical reckoning. Queen Anne’s Bounty, a predecessor of the Church Commissioners, did hold South Sea Company shares. Indeed, recent economic research describes Queen Anne’s Bounty as a conservative investor seeking liquid government debt. This does not prove that Queen Anne’s Bounty had no morally troubling connections. When £100 million is to be committed on the strength of the latter, the distinction matters.