THE MINISTERS, BENEVOLENT SOCIETY GISTERED CHARITY - rAo 219049 TRUSTEES, REPORT AND ACCOUNTS Tr'OR THE YEAR ES1)ED 30 SEPTEMBER 2022 THE MINIsfERS' BENEVoLETr￿ SOCIETY OFficets 2(L?l_J)22 ple￿deftr Rei" Itartin Ithitell .x.tr J Roland Kay. 43 l£e Crescent. Edgbasron. Birmin@1￿ B15 2BJ Tcl: 01?1440 775.5 ttFArr Rev. Don21d Phdl4)& ￿UCkI0￿ House. 39 St Cros5 RO￿ Ik-fftchester S023 9PR Tel: 01962 8kn8336 e-rnad.. don.P￿"ll¥)s@￿tiA[erner.corn Direc Retire ?J2? Mrs. Joyce _4shworth Ir. Owen J. E. Beale s. Jane Couper Ru". -Nfi"chad Dx(Lsc) Rev. Anthon} Ilowe ,Klr. Sandy Elljs Inde d<￿t F.%amJIicr Mr Gr2h2m ￿,￿lte. FJB Notice is heJrbygJven that the ltr Aft￿￿41 Meeting ofmembers and subs(yJbers be heldat Uniiaria# New M¢etiD& Ryknd st￿e4 Five IFay5y BuminghAth on Tuesday eDecember2022 at 2.L¥lp.m. ¢0 receiye the report 2Dd ACCOUDts for the year ended septemb￿ ￿23 to elect OfficeTs audDirectors for the effjsuuJgyeAr. ADyJJominatiop$ 8bouldregch rhesecretary by*ivovcmber2022 onal Advisocs Fund M.andger: BNI" _Iqdlon Fund Llt2n2gefs Limite￿ Client ￿r[￿Ce Centre. P.0. Bos 366, DAdingron DI.19RF StocL-bcokcr. EFC Harri5.411day. 33 Charles Street. BirTr)JnghafY4 B3 3JN Tel= 0121233 12?? ,Xlr D Il-.¢Jpwooc( k,"C& 8 Showell Lane. PerllL It'olirrhampron. WTr'4 4U.4 Tel= 0190? 893211 'eale lS,'asbxough l-Iz2rds LLP (IbTJ ljobd4yj. 3 Bnndlcy Place Birmingh2m Bl ?JB .1 el.. 084) 4(H 2i()I HSBC, PO Box 68, Ncw Streer. Binninghw B? 4JU .Iccwntant: &)licitois-. B%nkers". D Phillips, Secretw on l)eh2lf uf the Dirertor5 November J? L? The Ministers, Benevolent Society Registered Charity 21 tb Report of the Directors for the year ended 30 September 2022 The Directors present their Report along with the Accounts of the Charity for the ended 3￿. September 2022. The AcLounts have b*n pre￿[ed in accordance with the accounting EX)licieg set out on page 3 and comply with th¢ Charity's G0￿C￿ling Document and with applicable law. l. Constitution & Objects The Governing Documerrt Is the CoTFStitution approved by the Ch￿lty Commission i ￿ January 2016 and adopted at the Annual Genetal .Meeting on 6 December 2016. The Objects of ihe S(Kiety are." first the reb.ef of hardship and distre&s generally and individually amongst Ministers and ta}. Pastors on the Roll of the Assembly of Unitsrian and Free Cbristsan Churches who have be￿ elected as Beneficiary Members of the Society and who from age or inF￿mity are U[￿ble to discharge the public dutsts of their offices and amongst the dependants of the above and also amongst those who wete dependants when the Ministers or Lay Pastors died: second to donate the annual income surpllls to the Pension Fund Register￿ Chanty No.235410. 2. Management & Governance The Society is matsqged by a Lloard of Direc￿Ts whose members are the mana￿ng I'njstees of the Society withi.n the mLxning of SecElOn 97 of the CharitiLS Act 1993, and shall consist of the P[￿Ident, the .Secretary and the Treasurer, each of whom shall be elected at the Annual General Meeting, and six other pttsons belng members of the Society, of which number not less than two, noi more than four, shall be or shall be eligible to be Beneficiaries. In the event of any vacancy in their nurnber. by death or iesignatioo such va(2ncy may be filled by the Board of Directors and the person so appointed shall hold office until the next Annual General Me£ting. At each Arhnual General Meetin& the three of such six DIT￿rS as shall have been the longest on the Board, shall retlte but shall ￿ eligible for re-electiotL 3. Organisation The names of the Managing Trusfres who have suv'ed dunng the year ate set out on the front cover of the Report and Accounts. Ai our last AGM ￿ December 2021, R¢v .￿"Chael Dadson, Rev Anthony Howe and Mt Sandy Ellis were elected io serve until ?023. Mrs Joy¢¢ Ashworth, Mr Owen Beale and Mrs Jane Couper Tetire in 2022. and whilst each ￿11 be eligible for re- election for a further two Y￿rS Mrs Josce Ashworth and Mr Owen Beale have indicated that they will not seek a further re-eltttion and the Officets and Dir￿rS thank them for their years of commitment and service to the Society. 4. Achievement & Perforniance During the year, in pursuance of the Objects of the Charrty. the Direciors continued to support our Ministers artd theii families in limes of need and ￿11 always be grateful to know of anyone you feel may benefit from financial help from the Society. Thi"s was made possible due to the on-going, prudent handling of our investments and ac£ounts by our treasurer Roland Kay linked with the sensible policies of the Dir￿tOrS. The Directors tsk¢ into consideration the 'public benefit guidance, provided by the Charities CommissIon when making decisions. Two beneficiaries received Annual gTrfis (Type l). From the Philip Holt Fund. we also tnade two srants (Type 2). The old￿t of these four beneficiaries is ninW-two and the youngest Is seventy- seven. The Society made sixteen Specthl Grants to ministers and widows. the grants ranged from help th funeral expenses to help in times of illness. injury. and IxreavemenL (Type 4). The Philip Holi Eduoiion Fund has provided grants to six children of four ministers (Type5). In accordance with the second Object the Direct￿$ donated £20.000 to the M]nisters' Pension Fund from the overall surplus of the Y￿ to 30 September 202? They agreed, however, In future years to return to the established practice of a donation of £8,OIM). S. Financial Review Despite the volatility of money markets throughout much of the from 1st October 2021 to 30th September 2022. the value of the Society's investments has held up reasonably well with a loss in value of a little over ?/0 ij) the period. The anticipated loss of income Tesulting froKn the transfu of assets to Newtons has been less than expected, w]th a fall in th'vidends from £36.614 in 2021 to £33,206 in the Current yttir. However, charitable grants made dunng the year Increas&1 from £28,893 to £37,(KM) and the Society continued to make a substantsal annual donation to the Mi"nisters Pension Fund. th￿S year beinb £20,000. To support the extra expenditure £IO.O(K) of cash was transferred from the Accumulated Inc4)me Fund to the current aeeounL The overall financial position remains very satisfactory. 6. Risk Trlanagement The Trustees have examined the major slrategic. business. and operational r5sks which the Charity faces and confirn] that systems have been estsbh'shed so that the nétessary steps may be raken to lessen these risks. 7. Automatie Disqualifieation - Guidance for Charities To achieve compliance wth Charity Commi88ion guidance the T￿￿te¢S have undertaken io each make regular declarations that they ale not disqualified from ￿Ing charity Trustees for any of the Legal Digqualifying Reasons. & Membership The total number of Beneficiary Members remainal at I I I during the year ended 3￿ September 2022. We thank the members of New Meeting. Birniinglllm for their ongoing willingness to host our meetings. HONORARY LIFE MEMBERS Mr. O J E Beale Worcester MT. A H Elbs Sale Grccn Mr. M J Kcntiek Ch&Jdeslth, Coti*tt Mr. J A H Norn￿1 Chester IRule 4. Hopwarv LifeMeTrthers are ihoge pe￿0￿$ mdung a donaiidn of 7is'enty Pntsnds Th￿re 171 L7ny lime. No Honororymembers shau deriw anv benefitfrom ihefifftdf nfl1￿ Society.) REPORT OF THE INDEPENDENT EXAMIhlR TO THE TRUSTEES OF THE ,MINISTERS' BEINEVOLEwf SOCIETY CHARITY NUMBER 219049 I re￿rt on the Accounts of The MinisteTS' Benei'olent Society for the year ended 30 September 2022 which are set out on pages 2 to 6 appended to this Rew)rL Respeelive Responsibililies of Trustees and Eynminer The charkty's trustees are responsible for the preparation of the accounts in accordance with the Charities Act 2011 ('the Act,). The charity's trustees consider that an audit is not required for this )'ear under section 144 of the Act and that an independenl examinatRon is needed. It is my responsibility to Examine the accounts under seclion 145 of tb¢ Charities ACL To follow the applicable Directions given by the Charity Commission (under section 145{5)(b) of the Act), and To slate whether particular matt¢rs have come to Tny attention. Independent Exomuier's Stalemenl In connection with my examination, no material matters have come to my attention which give me cause to believe that in, any matcrial respecL- The accounting records were not kcpt in accordance with Section 130 of the Act" or The accounts did not accord with the accouJ]ting records. or The accounts did not comply with the applicable requiren]ents concerning tbe fonn and content of accounts sel out in the Charities (Accounts and R¢ports) Regulations 2008 other Ihan any reqllirement that the accounts gil'e a 'true and fair, view which is not a matter considered as part of an independeni examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawi in this report in order to eDable a proper understanding of the accounts to be reached. INDEPENDENf EK4MINER . Ir. G. White, FIB...... The Rise 7 Metchley Park Road Birmingham B15 2PJ 28 November 2022 THE MINISTERS. BENEVOLENT SOCIETY BALANCE SHEET AS AT 30 SEPTEMBER 2022 2022 Editha Taylof Fund 2021 Edltha Taylor Fund MBS Fund Total Funds MBS Fund Tolal Funds The Funds Managed by the Society Trustees Value of Funds al start of year Net Movement of Funds in the year Transfer Value cf Funds at end of year 1.436.603 1.038 65,959 1.502.562 405 -60,633 1,232,792 203,811 54,985 1.287,777 10.974 214,785 1405 565 36 364 1441.929 1436 603 65 959 1502 562 Have Been Invested In Investments al Market Value Cash in Deposit A￿￿￿1$ Cash in Current Account 1.260,854 142,955 7,235 1.260,854 175.937 10.617 1,445,909 373 -6,679 30,850 1,476,759 104 477 35,005 28,326 32.982 3.382 1,411,044 36,364 1.447,408 1.439,603 65,959 1,505,562 Less Sundry Payables 5,479 5,479 3,000 3,000 36 364 1441929 1436 603 65 959 1502 562 Anal sis of IndIv￿Ual Funds. Note 1 Responsibilities of the Truslees The Trustees are responsible for keeping proper accounting records. for safeguarding the assets of the Trust, for taking reasonable steps to prevenl and detecl fraud and other irregularities, and for preparing Annual Financial Slalements wtrtich both accord with the accounty.ng records. and which comply with both the Slalement of Recommended Practi￿ for Accounting by Charibes and wlh the relevant governing documents and which give a tTue and fair view of the affairs of the Trust To the best of our knowledge and belief, these obligations have been met and accordingly these Accounts were approved at a Meeting of the Trustees held on 6 December 2022. Rev M Whitell (President) Mr J R Kay (Treasurer) THE MINISTERS. BENEVOLENT SOCIETY STATEMENT OF FINANCtAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2022 2022 Editha Taylor Fund 2021 Editha MBS Taylor Fund Fund MBS Fund Total Funds Total Funds Incomlng Resources Arising in the Year Dividends Re￿iVed Bank Interest Re￿iVed Members Subscriptions Donations Received 32.729 69 43 31x1 477 33,206 69 43 300 35.307 1.307 36,614 23 190 23 490 300 Total ReSoUr￿S 33.141 477 33,618 35,520 1,607 37,127 Expenditure Incurred Charstable Grants made on beha￿ of MPF 27,704 9,296 27.704 9.296 18.765 10,128 18.765 10.128 Donation Administration Expenses Secretsry's HonorariLJm Accountancy and Legal Fees Sundry Expenses Investrnent Administrab'on Fees 3.950 3.950 2.100 3,850 3,850 2,100 777 180 2,100 2,100 777 180 Total Expenditure 41.636 2.1 43.736 33.700 2,100 35,800 Nel Ineoming loutgoingl Resources before Investment Asset Addsb"ons, Distxjsal and Revaluation Donation to the Ministers, Pension Fund.. note 6 -8.495 -1.623 -10.118 1,820 493 1,327 20,000 20,000 20.000 20,000 -28,495 -1.623 -30,118 -18,180 493 -18,673 Investment Asset Gains (Losses) on Disposals and Revaluation at yéar end Net Gain (Lossl on sales of investments Revaluation Gain (Loss) -1,222 -31.321 2.028 8( -31.321 119,900 119,900 102,091 11.467 113,558 Increase (Decrease) in Funds 405 203811 10974 214785 Analysis of Indwidual Funds- Note 2 THE MINISTERS, BENEVOLENT SOCIErY ND ACCOUNTS - ANALYSIS FOR THE YEAR ENDED 30 SEPTEMBER 2022 2022 Capital 2021 Capital Income Inco Note I: Balance Sheet M8S Fund Value of Funds 1.10.2021 Net Movement of Funds in the Year Transfer between Funds 1.297.250 -31.321 139,353 -29,717 1.094.807 202,443 137,985 1,368 1265 929 139 636 Investments at Market Value Cash at Bank 1.260.854 5.075 1,292,175 6,075 153,734 -11.381 145,115 1.265,929 145.115 5479 1,297.250 142,353 3.000 Less Sundry Payables 1 265 929 139.636 1297 250 139 353 Edrfha Taylor Fund Value of Funds 1.10.2021 Net Movement of Funds in Ihe Year Transfer between Funds 30.974 2,028 34.985 -1.623 19.507 11,467 35,478 493 33 002 30 974 Investments al Market Value Cash at Bank 3D,850 124 33.1)02 3.362 34,985 33.002 3.362 30,974 34.985 Less Sundry Payables 33 002 Note 2.. Statement of Financial Activilies MBS Fund Total Resoutces Less Total Expenditure 33.141 61,636 35,520 53,700 -28,495 -18.180 Net Gain {Lossl on sales of Investments Revaluation Gain {Loss} -1.222 119.900 82,543 -31,321 19,548 Increase IDe¢rease} in Funds -31 321 -29 717 202 443 Editha Taylor Fund Total Resources Less Total Expendthre 477 2.100 1,607 2,100 -1,623 493 Revaluation Gain ILossl Net Gain (Lossl on sales of investments 11,467 2.028 Increase IDe¢reasel in Funds 2028 493 THE MINISTERS. BENEVOLENT SOCIErY INVESTMENTS OF THE FUNDS AS AT 30 SEPTEMBER 2022 2022 MaTket Value 2021 MaTket Value cost Revaluation brfforward ainl lossl this year GENERAL FUND . Capital Account Investments BNY Mellon Charib"e5 Fund - Newton Growth and Income Fund for Charities 544,110 604 Units 807.110 63,739 .50,494 820,355 870,849 BNY Mellon Investment Funds- Global Income Fund Newton 15g,375.861 Units 402.522 18,804 19.173 440.499 421,326 1209 632 82 543 -31321 1260 854 1292 175 Gain (Lo$$) Sale Thls Year Proceeds Disposals114 February 20221 ACCUMULATED INCOME FUND Total Funds a5 al 1 October 2021 48451 105 283 152 512 EDITHA TAYLOR FUND Total Funds as at 1 October 2021 30 850 THE MINISTERS. BENEVOLENT SOCIETY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 Note 3 Valuations of Investments provlded by= al General Fund BNY Mellon Fund Managers Limrted Client Service Centre P.0 Box 366 Darlington DL19RF bTr Accumulated Income Fund and Editha Taylor Fund EFG Hafris Allday la trading d￿ls1On of EFG Private Bank Limited) 33 Great Chartes Slreet Biimingham B3 3JN cl based on London Stock Exchange Market Prices as at 30 September 2022 d) Legal Entity Identifier ILEI) number 213800CJSJ7Q1 OMUEE14. In accordance with the MIFID 11 regulab.ons and under maintenance by the London Stock Exchange. Note 4 The General Fund Capital Account incorporates the Philip HOK Educational Fund Note 5 The General Fund Capttal Account now incorporates monies for the ￿￿ow$, Fund from the Miss Yales Fund Charity and the Timolhy Dean Charity. Note 6 The donalion to the Ministers, Pension Fund has been paid from income arising in this year and the accumulated surplus from past years. Benefits ofMembe•yhip ond lift ofgrants.. Fund l - Bolefieiary Member Twice YeaAy Gift Supy)rts Ministers, Widoiis or Widom'crs wlK) IKDcfi¢iaTK' mcmbers of the MBS and oN'et the of 65 la pplicani aged less than 65 have injury. sickness or oiherproblems to qua2tfy" J. A maximum of two childtcn m.ho shall be 18 or less shall qllalifv as beneficiaries. The aim is to make up a BeneficiaTS7 S incom¢ Gi ihe thscreiinn ihe Th"rectors. to a minimum Lvget suptK)rt IN'el hi¢h is adjusted ¢a¢h y¢ar in Imc illith anv incTc&sc in the Rctsil Pricc Index. Tbc grant ts paid in ￿.0 equal parts in tkeember and June each and shall Wnl￿ve for a8 long as a claralion of mcom¢ is made and theTe is a dcmoustsakd need. Fund 2- Philip Holt Geoeral & Discretionary Futtd Vhen the Mjnistcrs, Pension &arted a Final Salm. Pension Scheme in 1971, a of Ministers were t