THE MINISTERS, BENEVOLENT SOCIETY REGISTERED CHARITY NO. 219049 TRUSTEES, REPORT AND ACCOUNTS FOR THE YEAR ENDED 30," SEPTEMBER 2021
THE MINISTERS. BENEVOLENf SOCIETY ottjcets ?(L?IkW?I Preder Rei- INlarrin IX.hitcll hlr J Roland Kaj, 43 t£e CsCenE Edgbasion. Birrrnn£bxm, B15 2BJ Tel-. Olfj144(I 77_5_5 Rei.. Donald UCk]0 House, 39 St Cros5 Rorf IK inthester .5093 9PR Td.. 01962 8kn8336 e-majl.. don.ph1.ps0uJ>tinternecL0rn rector% Ir 2021 Rei.. _1b"de1 Dadson Rci". ..inthony How¢ -Ilr. S2ndJ' Ellis Irs. Jo}Tce ,Ishworth Nlf. J. E. ale Nlrg. Jane Coupei Inde Ir Giaham IKhite. FIB ei Notsce is herebygiven that (be 16* ADnuaJMectiogofmeDJbeJy And su1C"bel wjll be Jjeld on- ]e oll TuesdAJ' 7 December2021 ar21Klp.m. tortceis"e the report atsdaccounts for theyear ended septeber2)2I aDd to ejcrt Officers andDuecrors fortbc vear. knynommatioAs shouldreacb the secreta byf DecembeT2021. Professional .4d1'[S Stockbroket: EFG Harris _411da). 33 Great Charles streer. BirminghaTf4 B3 3JF Tcl- 01?1 ?J3 1?22 Accountant: Thlr D IX'0-Ood, b'C_4. 8 %howell tAnc. Penn, IWolird)ann)too lil"4 4U.. Tel.. 0190? 893211 N'ealc Ix'asbiough I,'i"TA¥ds LLP ffjl J Hobknj, 3 Bondl4 P]acc Bxrnmn£h3m Bl 2JB Tel.. 0845 4(H 9.501 HSBC, PO BON 6& 1.10 NV Srrecr. Birmingha B? 4JL £olicitors= B£2nkers". D ljhtllips. S¢cretAry. ori behAIt of the DiEeccors NoTrTember ?021
The Nqinisters, Benevolent Society ReEiStertd Charity 0. 219049 th Report of the Direetors for the year ended 30 September 2021 The Directors prent their Rewrt along the Accounts of the Charity for the year ended 3. SeptnbU 2021. The Accounts have tten prepar in accordance with the accounting polici&8 set out on page 3 and comply th the Chanty"s Governing Document and with applicable law. l. c.onstitution & Objects The GovernÈng Document is the Constitution approved by the Charity Commission 19 January 2016 and adopted at the Annual General Meetsng on 6 Decemiv 2016. The Objects of the Society are.. first the relief of hardship and th'stress generally and individually amongst fvb"msters and Lay Pastors on the Roll of the Gen¢ral Assembly of Uniwian and Free Chrisiian Churches who Ive been elected as Beneficiary Membus of the Society and who from age or infrmity are unable to discharge the public duties of their offices and amongst the dependants of the above and also amongst those who were dependants when the ftrfi"nisters or lay Pastors died. se£ond to (lonate the annual income SUTplus to the Mi'nist5. Pension Fund RegISted Charity No.235410 2. Trlanagement & Governan¢e The Society is managed by a Board of DirlorS whose Inem[S are the Managing Trustees of the S{lety within the meaning of Section 97 of the Cbaritses Act 1993, and shall consist of the PresidenL the Secretary and the Treasurer, ch of whom shall be elect at the Annual General Meeting, and six Oth Ftrsons being mLThbffs of the Soclety, of which number not less than two, nor mote than four. sball be or shall be eligible to be Beneficiari. In the event of any vacancy in their number. by death or resignation, such vacancy may be filled b.y the Board of Dxrectors and the person so appointed shall hold ofiyice until the nexL Annual General Meeting. At each Annual General Meeting the three of suth six Directors as shall have been the longest on the Boarl shall retire but shall be eligible for relectio 3. Organisation The names of the ManagTrng Trllste who have setved durmg the yLi are set out on the front cover of the Report and Accx)unts. At our last AGM in DeCber 2020, Mts Joyce Ashworth. Mrs Jane Couper and Mr Owen Beale were elected to sffve until 2022. Though Mrs Sandy Ellis, Rev knt Howe and Rev ¢1 Dadson retire in 2021 each will be ehgible for re-electson for a further two years. 4. Achievemeni & PerformaDce During the year, in PUTsuance of the Objects of the Charity. the Directors continued to support our MinistLYS and their families in tirn of and wll always be grate1 io know of anyone you feel may benefii from financial help from the SIKielv. TFll"s was made possible due to the on- going, prudent handling of our invtments and accounts by our treasurer Roland Kay linked with the sensible policies of thc Diredors. The Directois take into Consideiation the 'publi¢ i*nefit guidance provtded by the Charities Commission theft mth.ng these decisions. Two benefjciaries received Annual gifts {Type l ). From the Pknlip Holt Fund we also made two grants (Type 2). The old&8t of these five beneficiaries is ninety-one and the youngest is seventy- six.
The Society mad¢ sixteen Special Grants to mtnisters and widoms; the grants ranged from help th funeral expensts to help in tim of illness, injury, and bereaeMent. (Type 4). The Philip Holt Edu<xtion Fund has provided grants to six children of four ministers (Type5). In aOr{LCe with the Sond Object the Directors donated £20.000 to the Ministers, Pension Fund from the overall surplus of the year to 3(W Sepfrmber 2021. They agree& however. in future years to reMrn to the established practi( of a donatton of £8.(XXI. S. Finanoal Review Following the dlsiOn made at the DirectOTS' meeting In Deceniber ?020, the investments held in the General Fund athninistered by HalS Allday were sold In rch 2021 for a total of £1,216,364.4l The priKeedfj were Ini'ested in 1 %9,375.861 shartx of BNY Mellon global income fund and 544,110.604 shares in Newton and income fund foi charJtie5 at a total cost of £1,215,352.60. These funds are monitored bv the investment yanel of the General Assembly of Unitarian and Free Christian Churches. thus rneetts the MBS lntees, obligations for oversight of our investments. HarTiS Allday continues to administer our two smaller funds which are the Accumulated Income fund (v21ue approximately £155,000 - which is non-endowment and is therefore available to supplement Cotne if requiied) and the Editha Ta)'lor fund (value approximately £30,0(K)). In the six-month period from l April 2021 to 30 September 2021 the investsnents in BNY MelloD and Nemons have gi.en a satisfactory overall Tetwn similat to thai which would have been made with the Harris Allday EK)rtfolio. 6. Risk Management The Tn]stees have examined the major strategic, business, and operational risks whfftch the Charity faces and coThfirm that systems have been estsblished so that the necessary steps may be taken to lessen thes¢ risks. 7. Automatic Disqualificatwn- Guidance for Charities To achieve compliance with Charitv Commission guidan the Trustees have undertaken to each make regular declarations that they are not disqualified from b.ng chanty Truslees for any of the Legal Dwualifying Re&sons. 8. Illembership There w2s a net decrease of one in the total numbu of BefIc1ary meMbs. fiom 112 to I I I, during the year ended 3 septeMr 20?1 Once more the Decembei 2021 AGNI and Director5, Meetings will tske p12ce on-line. Nevertheless, we thank the memkrs of Neiv fvteeiTng. Rimiingham for their ongoing willingness to host out meetings. REV. MARTtN WHtTELL, President
HONORARY LIFE MEMBERS Mr. O J E Beale Mr. A H Ellis Mr. J KeIck Mr. J A H Nornwi 'orcester Sale Green C1]deSIc1, CotlKtt Cl*ster (Rule 4. HopForon, Li]è.Idembep'.i are Iho5ep¢nnn.I mÉth"ng o (loplari1 fM.'en4' Pouhds Inore oi an3, iiine. No Honorary Members sliau denve ani, b[[roM ihefvidf ofihe Socieli,.)
IIF.POR"r OF TIIF. INDEpfNDF.NT F.X.4NiINr.11 TO TIIF. TIII'.%TF.FS OF TEIF. IINI,STf.Iis' iii.N F.N-I)LE.N I. .S()C.-IF.I-1' CH.4RITY YUMBER 219049 I rep()n on the Accounts of The Minisiers Benci'oleni gociL¥ly fcir the N'ear endLd ",0 %eplLmb¢r ?0? I which dre sel Olli on pa&)cs 2 to 7 appLnded lo Ihis Repi>rl. Rvspéetii'e Respoiisibililig.s 0]. Tr115tLgS un<1 E.iiiniiiier The charil}' s IrLislees are IL'sponsible lor ihe preparation ofihe aLbounls in acLOFdancL' 14 Ith thi, Chariiies Act ?0 I I I'ihe Akl. l. TF.e Lhdrit!. 5 IrJsiees consider ihai ali audit 15 1101 requirL'LI lor Ihi£ year under section 144 of ihe Acl and Ihal an indepeiideni exatninalion 15 needed. li is niv r¢'sponsibilil)' lo Exatnine the accoLints under seciion 14) ol the Cliiirili¢¥ ,-ILL. 'lo lol liiw IhL appl iLL1DI= DiriLlions itjl'en bi-. Ilie Charili. C()Innij.45jC)ii {IindL'f SLLlii)n 14i(i11 bl ol. Ilie AL(). and To stale wheiher partieular mailer% ha come io mi arteniiL)n. Inclgp¥ndeni E.rumin¥r'5 Sialvmeni In coiine¢iion w ith tny examiiiaiiun. no material m1( tiers haie come 10 m} aiieniion whiLII Ll j%'e niL cause lo believe Ihai in, any material fCSPL'CI.. 'riie clLLL)LinliniJ I'i'iord.% 11 LfL noi kL pl in aLiordilllLe i¥-iih SLLIIL>n I_IO u1- IliL Ail: c)r The accounls did noi aLlC)rd Ki iih IhL' aCLouniinL reLords' or The acLOLinls did noi ioryipl), ii-iih ih¢ &ippI iLablL Ii'quifLITILnl LOIIL¢I'llillg Ihl Ioiiii Liiiol Lonlen( ol"aceounls sel out in ihL Charilies (Accounls and RepL)rts) ReiJul£ilion5 ?0011 i)IliL"I- than an), requiremeni ihal Ilie accolinls bTjI'¢ a 'irue and lair 8 le. M hiLh i.b ii()l ¢1 11)al'.er onsidered as part ot an ind¢peiidei)l ¢Xdn)inalii)n. I lioll'L no L'oiiILf115 uiid liai'L LuiiIL JLri)s nc) L)IIILf i)l.TrllL 1% Ili iL)nnLLliiiii li Ith illi i.xaiiiiiiaiiiiii l() liiili alteniion sh()uld be draw'n iii this repuri in oi'dLr io enabl¢ a proper unclcrsliindinii ()l-IhL ¢lCLOLiiily til bL reaihLLI. IINDEPENI)ENT EX.4NIINF.Ii: I r.G. Mhile. FIB. The Rise 7 Metchlev Park Road Birminuham 111$ 2P.1 23 f*oTr¢mb¢r 2021
THE MINISTERS, BENEVOLENT SOCIETY BALANCE SHEET AS AT 30 SEPTEMBER 2021 2021 Editha Taylor Fund 2020 Editha Taylor Fund MBS Fund Tolal Funds MBS Fund Total Funds The Funds Managed by the Society Trustees Value of Funds at start ol year Net Movement of Funds In the year 1.232,792 203811 54.985 1,287 777 10.974 214.785 1,390.208 -157,416 67,440 1,457.648 -12,455 -169.871 Value of Funds at erTd of year 1435 603 65 959 1 502 562 1 232 792 54 985 1287 777 Have Been Invested In Investments al Market Value Cash in DeF051t Accounts Cash in Current Account 1,445.G j.G 30.850 1.476, 759 104 477 35.005 28,326 1.227.739 522 7.694 19,383 104 35 498 122 626 43,192 -6.679 1.439,603 65.959 1 505,562 1.235.955 54,985 1,290,940 Less Sundry Payables 3,000 3,000 3.163 ,163 1.436 603 65 959 1 502 562 1 232.792 54 985 1 287 777 Anal sis ol Individu31 Funds Note 1 Responsibilitie5 of the Trustees The Truslees are responsible lor keeping proper accouniing record5 lor safeguarding Ihe assets ol Ihe Trust, for lak'ng reasonable sleJs lo prevent an¢ detecl fraiId and olher iffegularilies, and for preparing Annual Financial Staierr,enls which both accoid with the accounting records, and which comply with bolh the Slalemeni of Recommended Pracli-e fcr Accounting by charikn.es and wilh the relevant governing documents and which give a true and fair view of the affairs of the Tnjst. To the best of our knowledge and belie,: these obligations have been met end 3ccordingly these Accounts were apprDved al a Meeting of the Trustees held on 7 December 2021 Rev M IAlhitell (President) Mr J R Kay ITTeasurerl
THE MINISTERS. BENEVOLENT SOCIETY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2021 2021 Editha Taylor Fund 2020 Editha MBS Taylor Fund Fund MBS Fund Ttstal Funds Total Funds Incoming Resources Arising In the Year DiviQend5 Received Bank Interest Received Members Subscriptions Donations Received 35,307 1.307 36 614 53,240 1.178 54,418 23 190 23 490 300 300 300 Trtal Rp¢-iirr.es ,607 37 127 53 243 1478 xpenditure Incurred Charitable G,'an-.s made on behalf of MPF 18,765 10.128 18.765 10.128 24 181 8,328 3,700 24 181 8.328 3,700 DoNa'.ion Adminislralion Expenses cretapJ'_ Honorarium Accountancy and Legal Fees Sundry Expenses Investment Adminisiralion Fees 3.850 3.850 2.100 777 180 2100 2.100 2100 1.048 180 777 180 1048 180 Total Expenditure 33,700 2,100 35.800 37,437 2,100 39,537 Nel Incoming loulgoingi Resources before Investment Asset Additions. Disposal and Revaluation Donation lo Ihe Ministers, Pension Fund note 6 1.820 493 1,327 15.806 -622 15,184 20.000 20,000 20.000 20.000 -18.180 493 -18.673 4.194 22 -4,816 Investment Asset Gains ILossesl on Disposals and Revaluation at year end Nel Gain ILos51 on sales ol Investmenls Revalualior Gain ILossl 119.900 102.091 119.900 113.558 -3,211 -3,211 -150,011 -11,833 -161.844 11.467 Increase IDecreasel in Funds 203811 10974 214 785 -157 416 -12.455 -169 871 Analysis of Individual Funds Nole 2
THE MINISTERS, BENEVOLENT SOCIETY UND ACCOUNTS ANALYSIS FOR THE YEAR ENDED 30 SEPTEMBER 2021 2021 Capital 2020 Capital Income Incorne Note 1.. 8alance Sheet MBS Fund Value ol Funds 1 10.2020 Nel Movement of Funds in the Year 1,094.807 202.443 137,985 ,368 1,239.948 -145,141 150.260 -12 275 1 297 2>Ql 139 353 1 094 807 137 985 Investments al Market Value Cash al Bank 1.292,175 5.075 153.734 -11,381 1,093.553 1.254 134,186 6.962 1.297.250 142.353 3.000 1,094.807 141 148 3,163 Less Sundry Payables 1 297 250 139353 1 094 807 137 985 Edilha Taylor Fund Valu'e ol Funds 1 10.2020 Nel Movement of Funds in the Year 1Qf 35,478 493 31 340 -11 833 36,100 -622 30 974 34 985 19507 Investments al Market Value Cash at Bank 30 850 124 19,383 124 34,985 35.478 30.974 34.985 19,507 35,478 Less Sundry Payables 30 974 34.985 Note 2.. Statement of Financial Activities ,VBS Fund Total Resources Les$ Total Expenditure 35.520 53,700 53,243 57,43", -18 180 4,194 Nel Gain (Lossl on sales ol Investments Revaluation Gain (Lossl 119.900 82.543 -3.211 -141.930 19 548 -8,081 Increase IDecreasel in Funds 202 443 1 368 -145 141 -12275 Editha Taylor Fund Total Resources Less Total Expenditure 1.607 2.100 1478 2100 493 -622 Revalualion Gain (Loss} 11,467 -11,833 Increase (Decreasel in Funds 11 467 -493 -622
THE MINISTERS. BENEVOLENT SOCIETY INVESTMENTS OF THE FUNDS AS AT 30 SEPTEMBER 2021 2021 Market Value 2020 Market Value cost Revaluation brlforward ainllloss thi5 year GENERAL FUND - Capital Account ". tm(¥nts (bought 29 March 20211 BNY Mellon Cha111ies Fund - Newton Growth and Income Fund for Charities 544,110 604 Units 807110 63,739 870.849 BNY Mellon Iiyveslmenl Funds - Global Income Fund etOn 159,375 861 Units 402.522 18,804 421,326 1.209 632 82543 1 292 175 Dlsposals122 March 20211 Net Gain Sale this year Proceeds Total Funds as al 1 October 2020 674 016 419 537 119 900 1 213 453 1 093.i53
THE MINISTERS, BENEVOLENT SOCIETY INVESTMENTS OF THE FUNDS CONTINUATION AS AT 30 SEPTEMBER 2021 2021 Markel Value 2020 Market Value cost Revaluation gainlllossl brlforward this year ACCUMULATED INCOME FUND Unit Trusts M&G Securiltres Limited 1036.379 Dividend Income Fund Units 5.421 3.704 2,545 9.125 Ordinary Shares The Ba.ryrfers Investmenl Trust plc £i4600 Ordinary Shares otr 2.5p .7eneral Group plc ', 4¥-,,O ordip.ary Shales of 2 5p Scottish & Southern Energy plc 550 Ordinary Shares of 50p Unile'/&rplc 540 New Ordinary Shares of 3 119p 15.5£5 49 975 5,814 71,318 65.504 13847 75 13.356 40.478 27,122 6,579 65 1.997 8.641 6,644 7.075 18,716 4,164 21.627 25,791 43.030 82,031 17,003 142.064 125 061 85 735 19 548 153734 134.18£ EDITHA TAYLOR FUND Ordinary Share5 Avyva plc 875 Ordina? Shares 0125p Lloyds sariking Group pl 3116 Ordinary Shares o110p Marks & Spencerpl 1000 Ordinary Shares o11p Merchgnls Tr(Isl plc 2150 Ordinary Shares o125p J Sainsbury plc 950 Ordinary Shares of 28 417p Temple Bur Investment Trust plc 915 Ordinary Shares of 25p 3.770 -1,270 964 3,464 2,500 4.781 -3 960 630 1,451 821 3,746 -2.771 880 1.835 975 10,029 -2.740 4,364 11,653 7289 3745 -1 931 897 2.711 1.814 7.611 -1.627 3.752 9,736 5,984 33 682 11467 30 850 19383
THE MINISTERS. BENEVOLENT SOCIETY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 Note 3 Valuations of Investments provided by: al General Fund BNY Mo lon Fup.d Managers Limited Client ServiGe Centre P.0. Box 366 Darlington DL19RF bl Accumulated Income Fund and Editha Taylor Fund FQJ Harris Allday 3 Iradirg div1510n ol EFG Pirvale Dank ilmlted} 33 Great Cha."les s.reet 8irmingham B3 3JN cl based on London Stock Exchange Market Prices as al 30 September 2021 dl Le9al Enl'ty l(fenlilier ILEII number 213800CJSJ7a1 OMUEE14. In accoidance with the MIFID 11 regulatnS and under mai*:ehance by the LondorTr Stock Exchange. Note 4 The General Fund Capital Account Incorth)rales the Philip Holl Educational Fund Note S The General Fund Capi?al Account now incorporates TDr.ies for the Widows. Fund from tle Miss Yates Fupd Charity and the Timo;hy Dean Charily Note 6 The donation to the Ministers. Pension Fund has been paid from income arising In this year anG the acciJryTLlated suiplus from past years
Benef ofmembersliip and list ofgrants.. Fund l - Benefiuary Member Twtce Yearly Gift Suprts MiniSrS, Widoiys or Widoii'¢rs ih'ho are beneficiary, members of the MBS and oier age of 65 applicaplt aged less ihakj 6) miisr have injuiy, sicbies.F or otherproblems 10 qualifj). A miximum of .0 thiidrcn shall be l¥ or less shall quakn"fi, as beneficiaries. The aim is to maL"¢ up a B¢ncficiaTh s income at the ihL, "re¢for$: io a mxnimum twg¢i support level ii,hich is ad}usted each p'ear in line iiith am" incre&se in the Rcta]I Priee Indcx. The grant is pwd in equal parts in DeccmlKT and Junc cach l'ear and slthll continue foi as long as a dcclaration of incomc 15 made and th¢rc is a demonstrated necd. Fund 2- Philip H(At General & Discretionary Fund WI the Ministers. Pension Fund arted a Fina] Sala. PcnsioD Schcmc in 1971. a numkr of Nlinisters ii'eTc t(K) old Lo cithcr join thc scheme or to rc¢¢iN¢ full bcnefits alld . agreement the MBS agrccd to hclp out thosc ministers and 14'Ad0,$ 'h¢r¢er $sible bN' making half l-ead!. knei'olent giants to their kntfjciary. niembcffs. The Philip Holt General Fund maL¢s grants to persons ii'ho iT¥ere not belleficiatTrw nienibers of the MBS. T(xla!". onlN' a fem", ministcrsAiidoM's ate in neeAI of such SuN)leMl[a] help and most of the grdnts are made to elderl! Widows hose husbasM45 (h'cd IKforc th. cou]d rec¢ii"e lull IxFbefits from the current nsiOn schcmc. Fund 3- The Editha Taylor Fund Uiidcr hcr Trusi. Eth'iha Tas'lor lefi mon•, ro $1${ Chrisnnaf nme ihe AdOWS, sisiers and dmighters of lJi?iro*ia17 CkrisiiL7n hlinisiers li? Greoi Briiain" Beneficiaries are fcmale dcpcndants or relatri.cs of MinistCT5 11".ho nccd not bcncfIciaT]cs of thc MBS and there is no age Ikmii. The grani sbail nomialli I a rclaiii'el!. small amouni and is ini¢ndcd io proi.idc comfort and 9uppori rather than a minimum level of income. The grant is paid in December eoch l'ear and sh211 coniinu¢ ror as long as thcre is a pcTccii-cd nced. Dctcnninatson of ii'bat is an appropiiate gtaut rclies utx)n the kiK)iiledge, flcxibilil!" and discrcl]"on ofthc "r¢clor5. Fund 4- Ministers. BenevoleEkt Society Fund Special Grants Grants are made ts meDRbers and/or theiT depep7daiits as a iieed comes 10 the arreiition of the Directors. Bcneficiaries are members of the MBS and no ag¢ limil applics. llic granl is nom)allNJ a re1lI,C1¥. small amount and is intcnded to proi.ide comfort and supwrt. Grants nM' bc mC at }). time of the N'car ii,knei'cr thcre is a pcrceii.ed need. Fund 5- Philip Holt Educational To assist w.itli the educatioiial costs of Mii)Isters' Chll(tr - ai'ailable to ani. Nlini&er or L. Pastor OJ) tk GA Roll in congregational chargc or other ap]xovcd In apph.lng tht incomc. grants arc rcstricicd to ckn"Idrcn I I vears and oi'er. up to and including collcgc sdentS for degree courscs or cquii'alenL Grants are made aniiuall!.: hcre appropriate, In rcstK)nsc io application. Please do hesitate to speak to the Secretary and request a form at any time that )'ou have 2n appropriate need. We would also be grateful to hear of any circumstances of other MBS members who find then]selves in ditricult circumstances or ill health.