Sky News revealed that Church Commissioners hold a 10% stake in the bond which was issued in 2013 to help aid the separation of Williams & Glyn from RBS.
Commissioners will also be in line for a separate payment as well as a "generous annual coupon" which they have been paid annually under the terms of the original deal. This could bring the total return to over £80m, dependent on the timing and valuation of a sale or flotation.
However in February, RBS admitted that the separation of Williams & Glyn will not be achieved until after Q1 2017.
In its full year results, the Bank said it remains committed to full divestment by the end of 2017, although it continues to face "significant
challenges and risks in separating the Williams & Glyn business", some of which may only emerge as various separation process phases are progressed.
The Church of England previously held a controversial £80,000 stake in payday lender Wonga, and admitted it "could not guarantee that such blunders won't happen again".
