THE MINISTERS, BENEVOLENT SOCIETY GISTERED CHAlU"rY - No 219049 TRUSTEES, REPORT ACCOUNTS FOR THE YEAR ENDF.D 30,SEPTEMBER 2024 THE MtNISTERS' BENEVOLEKf SOCIETY Officers 2023-2024 President Rev Martin Whltell Honorarv Tr&￿urer Mr. J Roland Kay, 43 Lee CrescenL Edgbaston, Birniingham B15 2BJ Tel- 0121440 775 j Secreta Rev. tk>nald Phillip4 'Hucklow House, 39 St Cmss Road. Winchester S023 9PR Tel: 01962 8683)6 e4nail: don.phillips@btinternet.com Direclors Retire 2025 Rev. Michael Dadson Rev. Sheena Gabriel Rev. Anthony Howe Retire 2024 Mrs. Jane Couper Mr. Sandy Ellis Inde ndent Examiner Mr. Doylan L Worwood Noliee is hereby given ihai ihe 17PdAnnuqlMeeling ofmembers andsubserIbe￿ will be held ot on- line on TNesdoy 3rdDeeember 2024 ai IOOp.nL to recei￿ ihe report and accounlsfor iheyeor ended 3(pl Séplenth•r2O24 and io elecl OJTtceFS andDirecloTsfor ihe ensuingyear. Any nomination5 should reach ihe Secretsry by 3¢PNoventher 2024. Professional Advisors Fund Manager: BNY Mellon Fund Managets Limitrd, Client Service Centre, P.0. Box 366, Darlington DL19RF F.FG Harrts Allday, 33 CJreat Charles Streeti Birn)ingham B3 3JN Tel=Ol?1233 1222 Mr. D L Worw0￿ FCA. 8 Showell Lane, Penn, Wolverhampton WV4 4UA Tel.. 01902 89)211 Veale Wasbrough Vizard5 LLP (Mrs. JHobday), 3 Brtndley Place Birniingham BI 2JB Tel: 0845 404 2501 HSBC: PO Box 68, 130 New StreeL BtrniinghaJn B2 4JU Stockbroker: Accountant: Solicitors: Bankers: Rev. D Phillips, Secretary, on behalf of the Directors Novembcr 2024 The Millisters, Benevoknt Society Registered Charity 219049 Report of the Directors for the vear ended 3O1b September 2024 The Directors present their Report along ivith the Acwunts of the Charlty for the year ended 30 September 2024. The Aceovnts have been prepared in xcordance with the accounting policies set out herein and (x)mply with the Charity's Governing D￿UMent and wilh applicable law. l. Constithtion & Objects The Goveming Document is the Constitution approved by the Charity Commission on I January 2016. adopted at ihe Annual Cjeneral M¢eting on 6 December 2016 and subject lo Administrntive Changes made at ihe Annual Generdl Meeling on 6th December 2022. The Objects of the Society are-. first the relief of hardship and dist￿ generallv and individually amongst Ministers and Lay Pastors on the Roll of the General Assembly of UnTtarian and Free Christian churc.hes who have been elected as Beneficiarv Mcmbers of the Society and who from #ge or infimiity are unable to discharge the public duties of their 0￿]CeS and 2mongst the dependants of the above and also amongst those who were dependants ivhen the Minislers or Lay Pastors died" second to donaie the annual income surplus to the Ministers. Pension Fund Registered Charity No. 235410. 2. Mall¥gement & Governance The Society is managed b! a Board of Directors whose members are the Managing T￿5￿5 of the Society ￿'1th1n the meaning of Section 97 of the ChariLies Act 1993, and shall consisl of the President, the Se¢retaTr' and the Trvdsurer. each of whom shall be elected at the Annual General Meeting, and six other person5 being members of the Society. of ivhich oumber not less than two. nor more than four. shall be or shall be eligible lo be Beneficiaries. In ihe evenl of any vaLancy in their number. by death or resignation. such vaLancJ' may be filled by the Board of DIrec￿T$ and the p￿SOn so appointed shall hold otTice until the nexi Annual General Meeting. At each Annual General Meeting, il ts noTmal prdctice for the thrce of the six Dir￿torS &8 shall have bttn the longest on the BLiard, to retire and be eligible for re-elcction for a further iwo-VeAr tern). Howevcr, the pemianenÈ retirement of N'o Direciors in 202? and the appointment of one new Director durino 2023 put this arrnngemenl tc¥nw)rarily oui of balance. The Board seeksto restore the balance over the next one/two years. 3. Organisatio The namcs of the Managing Trust¢¢s ￿,hO have served during the jear are sd out on thc front ¢ovcr of the Report and Aecounts. Ai thc lasi AG,M in tkcember 2023, Rev Michael Dadson, Rev Anthony Howe and Rev Sheena Gabriel were ￿-electcd to serve until 2025 wliilst Mr Sandy Ellis w&8 elected to serve a one-year terni to 2024. Al the AGM December 20?4 Mrs Jane Couper and Mr Sandy Ellis will reiire and each will be eligible for Te-electlon for a further two years. 4. Achievement & Perfomance During the year. in pursuance of the Objects of the Charit).. the Directors continued lo support our Ministers and their families in times of need and will ali¥'aJ's be graieful to kno141 of anyone you feel ma), benefit fr(?m tinancial help from the Society. This was made possible duc lo the on-going, prudent handling of our investments and accounL8 by our treasurer Roland Kay linked with the sensible policies of the Directors. The Directors take into consid¢ration the 'public benefit guidance. provided by the Charilies Commission i￿hen making these decision Two bcn¢ficiari¢5 received Annual gifts (fype l). From the Philtp Holt Fund two additional grants were made (fype 2). The oldest of these four beneficiaries is ninety-four and the youngest is seventy-nine. The Society made nineteen Special grants to ministers and dependents rangin8 from help with funeral expenses to help in times of illness, injury and bereavement (Type 4). The Philip Holt Education Fund h&$ provided gTants to seven children of five ministers (Type S). In aceordancc with the second Object of the S￿le{￿ the Director5 donated £IO,OIK) to the Minislers, Pension Fund from ihe overall surplus of the year to 30, September 2023. S. Financial Review During the vear to 30 September 2024, the total value of our investments 2nd cash reserves Incr￿ed from £1,486,361 to £1:598.680. The value of our Newton investments increased by 9.40/0, which is almosl exactly the same as th¢ incr¢as¢ tn value of th¢ FfsE 100 index over the same period. Total ¢XP¢Dditurt was £53.648 (including £10.(M)O grant to the MPF) compared with totaj income of £40,370. a deficit of £13 ?78. A further grant of £IO.000 to MPF was made in the new financial year (in October 2024). This pajment was postponed from ihe CUTrent year forcash floiv purtM)se& vhich m&qns that in th¢ y¢ar to 30 September 2025 i*e envtsage the iotal grant to the MPF M'ill be £.30,000. It is our intention to continue io provide grants to the MPF for as long as the Society can afford to do this. utilislng our accumulated income reserves to fund deficits. The grants made to MBS members and their dependents amounted to a total of £36,740 compared with £37,145 in the previous )ear. Grdnts to al￿ their dependents continue to be the core putFK)se of the Society. Overall, the financial ￿sitIon remains very healthy. 6. Risk MaJ)agement The Trustees have examined the Enajor stratcgic: business. and operational risks which the Charity faces and confirm that systems have been esthblished so that the necessary steps may b¢ taken to less¢n th¢s¢ risks. 7. Automatic Disqualifi¢ation- Gttidance for Cbarities To achieve compliance with Charity CommTSSiOn guidance the T￿￿teeS have undertak¢n to each rnake regular declarations that they are not disqualified from being charity Trnstees for any of the Leg>al Dtsqualifying Reason 8. Membership The tot21 number of Beneficiary MeTnbers showcd a net teduclion of two, to 109 during the year ettded 30, Seplember 2024. REV. MARI'IN WHrrELL. President HONORARY LIFE MEMBERS Mr. O J E Beale Worcester Mr. A H Ellis Stsfford Mr. M J Kenrick Chaddesley Corbett Mr. J A H Norn￿) Cljester (Rule 4. Honorary Life Members 4re il¥)sepersons makinga dopRUion of Twenty Pounds or more al o Hunorary Members shall derive any benefitfrom Ihefv￿ ofihe &ciety.) REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES OF THE MINISTERS, BENEVOLENT SOCIETY CHARITY NUMBER 219049 I rep)rt on the Accounts of The Ministers, Benei.'olent Society for the year ended 30 September2024 which are Set oui on pages 2 to 6 appended to this RerK)rt. Respeclive Respoitsibililies of Triislees and E.raminer The Ch￿11) S trustees are rcsponsible for the preparation of the accounts in accordance with the Charities Act 2011 ('th¢ Act,). The ch&rily'S trnst¢¢s consider tFiat an audit is not required for this year under section 144 of the Act and that an independent examination is needed. It is my responsibility to Examine the accounts under seciion 145 of the Charities Aci, To follow the applicable Directions given by the Charits Cornmission (under section 145(5)(b) of the Act), and To state whether particu]ar matters have come to my attention. Independenl Eraininer'5 Slalement In connection ￿7th m) examination, no material matters have come to my attention which give me cause to believe that in, any material respect.- The accounting records were not kept in accordanee with section I30 of the Act. or The accounts did not accord with the accounting records: or The accounis did not complv ivith the applicable requirements conceming the form and content of accounts set out in the Charities IAccounls and Reports) Regulations 2008 other than any requirement that the accounts give a 'irne and fair, view which is iiol a matter considered as part of independent examination. I have no conc¢rns and have co which att9Ption should:i)e dra accounts I be teached. e across no other matteTS in connection with tbe examination to in this rewrt in order to enable a proper understanding of ihe INDEPENDENT EXAMINER . Doylan L Worwood - Aecountant 8, Showell Lane Penn Volverhampton WV4 4UA 22 November 2024 THE MINISTERS. BENEVOLENT SOCIET BALANCE SHEET AS AT 30 SEPTEMBER 2024 2024 Editha Taylor Fund 2023 Editha Taylor Fund MBS Fund Total Funds MBS Fund Total Funds The Funds Managed by the Soelety Trustees Value of Funds al start of year Net Movement of Funds in the year Transfer Value of Funds at end of year 1.451,563 113.029 34.798 1.486.361 -710 112.319 1,405,565 45.998 36,364 1,441,929 -1,566 44,432 34 088 1598 680 1 451 563 34 798 1 486 361 Have Been Invested In Investments at Marf(el Value Cash in Deposit A¢¢ounts Cash in Current Account 1,456,250 98.239 12.510 1.456,250 132.444 12,393 1,330,653 115,350 9,223 1,330,653 148,765 10,606 34.205 -117 33.415 1,383 1.566,999 34,088 1,601,087 1.455.226 34.798 1,490,024 Less Sundry Payables 2,407 2.407 3.663 3,663 34 088 1598 680 1451 563 34 798 1486 361 Anal sis of Individual Funds. Note 1 Responslbllltles of the Trustees The Trustees are responsible for keeping proper accounting records, for safegLtarding the assets of the Trust, lor tsking reasonable steps lo prevent and delect fraud and other irregularities. and for preparing Annual Financial Stalemenls which both accord wrth the a￿untr"ng records, and which comply wrth both the Slalement of Recommended Practice for Accounb"ng by Chanties and with the re￿vant goveming doeLJmenls and which give a Irue and fair view of the affairs of the Trust To the be51 of our knowledge and belief. these obligations have been mel and accordingly Ihese Accounts were approved at a Meeting of the Directors held on 3 December 2024 Rev M Whitell (President) Mr J R Kay (Treasurerl THE MINISTERS. BENEVOLENT SOCIETY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 Editha Taylor Fund 2023 Editha MBS Taylor Total Fund Fund Funds MBS Fund Total Funds Incoming Resources Arising in the Year Dividends Received Bank Interest Received Members Subscriptions Donations Re*ived 36.389 2,889 36,389 3,679 36.225 2,395 63 300 36,225 2,829 63 300 790 434 300 300 Total Resources 39,580 790 40,370 38,983 434 39.417 Expenditure Incurred Charitsble Grants made on behalfof MPF 27.444 9,296 27.444 9.296 27.649 9,296 500 28,349 9,296 Donation Administration Expenses Secretary's Honorarium Accountaney and Legal Fees Sundry Expenses 4.700 4.700 1.500 708 .4.345 4,345 1.500 1.294 1.500 1.500 708 1.294 Total Expenditure 42,148 1,500 43,648 42.784 2.000 44,784 Net Incoming loutgoingl Resources before Investment Asset Additions. Disposal and Revaluation Donation to the Ministers, Pension Fund.. note 6 -2.568 -710 -3,278 -3,801 -1,566 -5,367 10,000 10.000 20.000 20,000 -12.568 -710 -13.278 -23.801 -1.566 -25,367 Investment Asset Galns (Losses) on Disposals and Revaluation at year end Net Gain (Loss} on sale5 of investments Revaluation Gain (Lossl 125.597 125,597 69,799 69,799 Increase (Decrease) in Funds 113029 -710 112 319 45 998 -1566 Analysis of Individual Funds.. Note 2 THE MINISTERS. BENEVOLENT SOCIETY FUND ACCOUNTS ANALYSIS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 Capital 2023 Capital Income Income Note 1: Balance Sheet MBS Fund Value of Funds 1.1 D.2023 Net Movement of Funds in the Year Transfer betsveen Funds 1.335.728 125,597 115,835 -12,568 1,265,929 69,799 139,636 -23,801 1461325 103 267 1335 728 115835 Investments at Matket Value Cash at Bank 1.456.250 5,075 1.330,653 5,075 105.674 119,498 1,461,325 105,674 2.407 1,335.728 119,498 3,663 Less Sundry Payables 1 461 325 103 267 1335 728 115835 Edilha Taylor Fund Value of Funds 1.10.2023 Nel Movement of Funds in the Year Transfer between Funds 33.002 1,796 -710 33,OD2 3,362 -1.566 Investments at Market Value Cash at Bank 33,002 1,086 33,002 1,796 33,002 1,086 33.002 1,796 Less Sundry Payables 1086 Note 2: Statoment of Financial Act￿lI4e5 MBS Fund Total Resource5 Less Total Expenditure 39,580 52,148 38,983 62,784 -12.558 -23.801 Net Loss on sale5 of Investments Revaluation Gain (Loss) 125.597 69,799 Increase (Decrease) in Funds 125 597 Editha Taylor Fund Total Resources Less Total Expenditure 790 1.500 434 2,000 -710 -1,566 Revaluation Gain {Loss) Net Gain on sale of Investments Int￿ase (Decrease) in Funds -710 THE MINISTERS. BENEVOLENT SOCIETY INVESTMENTS OF THE FUNDS AS AT 30 SEPTEMBER 2024 2024 Market Value 2023 Market Value eost Revaluation brlforward ainl loss thi5 year GENERAL FUND- Capital Account Investments BNY Mellon Charities Fund - Newion Growth and Income Fund for Charities 544,110.604 Units 807.110 64.174 92.989 964,273 871,284 BNY Melk)n Investment Funds- Global Income Fund Newton f 59,375.861 Units 402,522 56.847 32,608 491.977 459,369 1209 632 121021 125 597 1456 250 1330 653 THE MINISTERS. BENEVOLENT SOCIETY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Note 3 Valuatlons of Investments provided by: a) General Fund BNY Mellon Fund Managers Limited Cliènt Service Centre P.0. 8ox 366 Darlington DL19RF b) based on London Stock Exchange Markel Prices as at 30 September 2024 Note 4 The General Fund CapEtal Account incorporates the Philip Holl Educats"onal Fund Note 5 The General Fund Capital Account now incoTWTales monies for the Widows, Fund from the Miss Yales Fund Chanty and the Timothy Dean Charity. Note 6 The donation to the Ministers. Pension Fund has been paid from income arising in this year and the acojmulated surplus from past years. (FwNled 1852. Regthred Charity No. 2190491 Beneficiary membership ofthe minist￿5. Benevo￿ Socjety is to ministe￿ and Lay Pastors on the Roll ofthe General Assembly of Lfjnitarian aTrJ Free ChristFan Churches SIK￿k1 be a¢ti¥e in Unrtsiall mintsty in (¥eal Britain, Northe [￿land or the Republic of Ireland at the time ofJoiniNJ. lal thè rèlief of hardship and dist￿$5 generally and IndivKlualty amongst Bene[￿laneS.. and Ibl the support ofthe kknistws. Pension Fund [Regtstt￿ Chaiity No.2354101 by the donalion ofannual inwne surplus to requitements. Today the MBS has pnrripa grant types that it uses to support Ministefs and ther dependerts: 4. Ministers, Benevolent So FL5nd Grants are made to benefiuary menknTS of the MBS 3ndlor their dependants as a need comes to the attention of the Directors. No age limit ap￿Ses, and the grants are rK¢Tm• relatNety small one-off amolxrts, intended to Pfovide COEnfort and support in temporary situations. Grants may be made at any time of the yearWherWer￿re 15 a perceived need. Most importarTrtly, perhaps, aThl as always at the discret￿ of the Dbrecirrs. is the provision of a Special grant as a ￿n￿butiOn towards fvneral expenses on the ¢Jeath of a benthiary member. their current spwlCivA Partner. or a dependent child aged Und￿ 18 at the time of death. e 5= Phili Hclt Educational Grants To assist with the eduokn.onal costs of Ministers. dependent Ch￿￿en aThJ available to wy Minisler ￿ GA Roll in congfegab.onal charge or other approved post. Grants are reslitied to childrerl 11 years and over: up to and including collegeluniversity students on undergrajuate degree ¢ourses (K equivalent. Grants are made annually, where appropriate. in response to appl￿tiOn. The Philip Holt Fund vrds established in 1920 and since January 2008 tt has been integrated into and adminislerpj by the MBS. HistorKally. grants of three addÉbvnal types tA¥e also been made: e 1.. Benefi¢ia member hfvice Holt & discretTha fvnd ifts IM)en the Ministers, Pension launched ts final salary pension scheme Trn 1971 a number of Ministers weTe too old lo either Join the stheme Of to receive full beneffts. ￿￿erever w￿5[l￿e Ihe MBS helped those ministers and dependents by making half-yeafly benevolent grants to those Tr•tho were ts ￿nefiCIary members. This a￿angement supported Ministers and their Widow3Wdowers over the age of 65 by makirrtJ up a bènefKJary's sncome. at the dis¢retion the Directors, lo a minimltm target support level. The Philip Holt General Fund made some egJiv*nt grants vthere the Minister had not been an MBS benefi￿ary Tnember. Today. the few remaining Types 1 & 2 gftnts are made to eldety v•idows 7*knose husba1￿5 died before they could receive full beneffts from the Minislefs. Pens￿￿ Fund. These grants are p3KI in equal part5 in De￿mber and June each year and shall conts.nue for as k)ng as a deClara￿n of m* aThJ there is a demonstrated need. 3.. The Editha T or Fund Under her Trust. Editha Taylor left money kn assist * Chrbstmas time the widows, sister5 and daughter5 of Unitarian Christian Minislets in Gfeat Britain". Bene￿"arleS are femae dependants or rejab.ves of Ministèrs vdho need not be beneficiaries of the MBS and there is no age The grant shau nornialty be a re13tively small amourTrl and is intended lo provide comf¢Nt and support rather than a min¥num le¥eE of income. The grant is pard in December each year arK* shal continue fora5 long as there is a perceived r￿d. Determtiiat￿1 of what is an approprth gTanl relies upon the knovAedge, X1￿"11ty and discretion of the D*ectors. Please contact the se¢￿tary should you have a noed. orrfyou hear of anOth￿￿5s beneficiary n7ember who finds thernselves in drffKutt o￿v￿$tanceS wheR a Swl Grwl mighl hew. April 2024 {Rev Nov 24) Setreta . Rev tkwwld Phillips. Huckkjw House. 39 St Cross Road, Wi¥Kh&ster S023 9PR fel.. 01962 808336 Mob.. 07787 127874 ￿"1.. don. btinlemet.com