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This is a rich case in strategic management of the billion pound funds of inheritance of the Church of England. Pressures for more income open up a policy to switch investment funds from farms into retail projects, which require £0.5 billion of borrowings of bank money. Control is lost when the Assets Committee authorise £0.5 billion of projects and the executive group spend £1 billion. For eight years the income rises but the capital haemorrhages through devices such as dividend stripping. The annual accounts give a misleading picture of stewardship and the losses are apparently unnoticed by the Archbishops and Parliament. The whistle is blown in the ''Financial Times'' in 1992 and investigation committees are set up which recommend radical reform of the Commissioners. The glitch in stewardship of funds is a massive £5 billion in the sixteen-year period. This is a massive manifestation of ''disentrepreneurship''.