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|Report ofthe Salvation|Report ofthe Salvation|Army Pension|Fund Board|2 to 7|
|---|---|---|---|---|
|Accounts||||8to 14|
|Auditors'|Report|||15to 17|
|Actuary's|Statement|||18|
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|1.|Actuaries|and Investment|Messrs. BWCI Consulting|Messrs. BWCI Consulting|Limited|Limited||||
|---|---|---|---|---|---|---|---|---|---|
||Consultant:||Albert House|||||||
||||St Peter Port|||||||
||||Guernsey
GY1 1AW|||||||
|2.|Auditors:||Knox Cropper
LLP|||||||
||||65-68 Leadenhall
Street|||||||
||||London
EC3A 2AD|||||||
|3.|Solicitors:||Messrs. Slaughter
ik May|||||||
||||One Bunhill
Row|||||||
||||London
EC1Y8YY|||||||
|4.|Bankers:||Reliance Bank Limited|||||||
||||Faith House,|||||||
||||23-24 Lovat Lane,|||||||
||||London
EC3R BEB|||||||
|5.|Investment|Advisor:|Investment
Advisory|Committee|||ofThe Salvation||Army|
|6.|Investment|Managers:|Sarasin 8 Partners
LLP|||||||
||||100St. Paul's Churchyard,|||||||
||||London
EC4M 8BU|||||||
||||Legal &General Investment|||Management||(LGIM)||
||||1Coleman Street|||||||
||||London
EC2R SAA|||||||
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|verall as|set allocation|,|,|||||
|---|---|---|---|---|---|---|---|
|Asset|Catai/ory|Long term
target asset
allocation||Permitted
range||Performance|Benchmark|
|UK Equities|||45.0%|+/-|5%|FTSE Custom All-Share Specialist||
|||||||Ethical Index||
|Overseas|Equities||22.5%|+/-|5%|FTSE Custom
All World ex UK||
|||||||Specialist Ethical (Net WHT) Index||
|Long dated
UK||||||ICE BofAML 15+Year Sterling||
|corporate|bonds||25.0%|+/|So/o|Non-gilt Index||
|Property|||7.5%|+/-|2.5%|MSCI/AREF
UK Quarterly
Ail||
|||||||Balanced
Property|Fund Index|
|Cash|||0.0%|+|5%|||
|TOTAL|||100%|||||
|ctive manager asset||allocation,||||||
|Asset|Category|Asset|allocation|Permitted
range||Performance|Benchmark|
|UK Equities|||27.0'Yo|+/-|10'Yo|MSCI UK Investable|Market Index|
|Overseas|Equities||13.0%|+/-|10%|MSCI AC World ex|uk Index|
|Long dated
UK||||||ICE BOfAML 15+Year Sterling||
|corporate|bonds||60,0%|+/-|5%|Non-gilt Index||
|Cash|||0,0'/o|+|5%|||
|TOTAL|||100%|||||
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|assive manager asset a|assive manager asset a|llocation,||||
|---|---|---|---|---|---|
|Asset fund
category||Asset allocation|Permitted
range|Performance
Benchmark||
|Index-Linked|Giits over|37.0%|+/- 2%|FTSE A UK Index-Linked|Giits|
|15years||||Over 15Years Index||
|Index-Unked|Giits|630%|+/|FTSE A UK Index-Linked|Giits|
|under 15years||||Under 15Years Index||
|TOTAL||100%||||
|he analysis|of investments
(at bid marke|t value) as at 31March 2023 was as follows:||
|---|---|---|---|
|||Market Value||
|||6||
|UK Equities||||
|Overseas|Equities|||
|UK Bonds||97,290,858|36|
|Property||15,779,561|6|
|Managed|Funds|153,434,529|57|
|Cash||423 814|1|
|||E266,928,762|100%|
|he Fund performance
ag|ainst
benchmark
ov|er 1 and 3years wa|s as follows:|||
|---|---|---|---|---|---|
||Performance|over 1 ear %|Performance|over3|ears % a|
||Fund|Benchmark|Fund||Benchmark|
|Sarasin|-11.7|-10.3|-0.3||2,1|
|Le al BtGeneral|9.3|9.0|17.5||17.2|
|OPF Consolidated|-1.4|-0,3|8.5||10.0|
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||FOR|THE Y|EAR END|ED 31MARCH|2023||
|---|---|---|---|---|---|---|
|||||Notes|2023|2022|
||||||I|E|
|CONTRIBUTIONS
AND BENEFITS|||||||
|Contributions
Receivable||||1(b), 3|5,150,229|9,672,563|
|Transfers
in||||||942|
||||||5 150229|9673505|
|Benefits Payable|||||9,236,909|8,803,140|
|Transfers out|||||||
|Administrative
Expenses|||||329842|457 506|
||||||9566751|9260 646|
|Net AddidonsiflYithdrs|vrslsg|From|||||
|Dealings arith OiFicers|||||4416522|412859|
|RETURNS ON INVESTMENTS|||||||
|Investment
Income||||1(I3),6|2,902,815|3,038,676|
|Change
in Market Value of|||||||
|Investments|||||(8,039,551)|14,378,868|
|Investment
Management
Fees|||||423 510|540 435|
|iYetRetvrns on Investments|||||5560 246|16877 109|
|NET
INCREASE/(DECREASE)||IN|THE||||
|FUND DURING THE YEAR|||||(9,976,768)|17,289,968|
|NET ASSETSOFTHE SCHEME|||||||
|AtIApril 2022|||||278 505 420|261 215452|
|At31 Harsh 2fi23|||||E268,528,652|E278,505,420|
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|ONTRIB|UTION|S
RECEIVABLE|||
|---|---|---|---|---|
||||2023|2022|
||||f|E|
|Ordinary|Annual|Contribution|5,150,229|5,672,563|
|Annual|Capital|Contribution||2,000,000|
|Special|Contribution|||2,000,000|
||||E5,150,229|E9,672,563|
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|4.|BENEFITS PAYABLE|FOR TH|E YEAR ENDED 3|1MARCH 2023||
|---|---|---|---|---|---|
|||||2023|2022|
|||||E|E|
||Pensions to retired Officers|||8,392,166|7,522,221|
||Lump Sum Retirement|Grants||844,743|1,280,919|
||Transfers|||||
|||||E9,236,909|E8,803,140|
|5.|ADMINISTRATIVE
EXPENSES|||||
|||||2023|2022|
|||||E|E|
||The Salvation
Army Management||Charge|41,246|34,312|
||Auditors
Remuneration|||||
||Audit Fees|||15,864|13,620|
||Actuarial
Fees|||213,464|144,117|
||Other Professional
Fees|||58,800|265,457|
||Other Expenses|||468||
|||||E329,842|E457,506|
|6.|INVESTMENT INCOME|||||
|||||2023|2022|
|||||E|E|
||Income from Fixed Interest Securities|||2,249,123|2,149,292|
||Dividends
from Equities|||650,817|888,832|
||Income from Property|Fund||||
||Interest on Cash Deposits|||2875|552|
|||||E2,902,815|E3,038,676|
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||Market|Purchases|Sales|Change
in|Market|
|---|---|---|---|---|---|
||Value|at Cost|Proceeds|Market|Value|
||01/4/22|||Value|31/03/23|
||f|f|f|f|f|
|Bonds|62,852,675|173,021,049|(122,779,866)|(15,803,000)|97,290,858|
|Equity Funds|144,402,599|3,090,562|(152,690,885)|5,769,207|571,483|
|Equities|46,720,056|7,769,024|(53,383,231)|(1,105,849)||
|Gilt Funds||145,669,624||7,193,422|152,863,046|
|Property
Fund|19872892
273,848,222|329550 259|~328 853982|~4093 331
~8039551|15779561
266,5D4,948|
|Cash||||||
|Deposits|2 385041||||423 814|
||f276,233,263||||f266,928,762|
||||2023|||2022f||
|---|---|---|---|---|---|---|---|
||||||Market Value|||
|||Market Value||Book Value|||Book Value|
|||f|||||f|
|BONDS||||||||
|Fixed Interest Securities||||||||
|Corporate|Bonds|97,290,858||95,864,833|62,852,675||66,534,088|
|UK Gilts||||||||
|Overseas Corporate||||||||
|Bonds||||||||
|Overseas Government||||||||
|Bond Funds||152863046||145669 624||||
|||250 153904||241 534 457|62 852 675||66 534088|
|Equity Funds||||||||
|UK Quoted||272,775||4,665,657|98,381,126||83,204,982|
|Overseas||298 708||1 633475|46 021 473||32 485 058|
|||571483||6299 132|144402 599||115690 D4D|
|EQUITIES||||||||
|UK Quoted|||||22,949,094||21,137,505|
|Overseas|||||23 770 962||18368772|
||||||46 720 056||39 506 277|
|PROPERTY|FUND|15779 561||15599 697|19872 892||15061473|
|CASH DEPOSITS||||||||
|Brokers Balances||||||||
|Sterling||423 814||423 814|2 385041||1915189|
|TOTALS||E266 504 948||E263 857 100|E273 848 222||E238 707067|
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|The Fund's|investment|assets|and|liabilities|have been fair|valued|using the|above|hierarchy|hierarchy|levels as|
|---|---|---|---|---|---|---|---|---|---|---|---|
|follows:||||||||||||
|As at31|March 2023||||Level 1
I|Level 2
I||Level
I|3||TotalI|
|UK Bonds|||||97,290,858||||||97,290,858|
|Equity Funds (pooled||investment|||||571,483||||571,483|
|vehicles)||||||||||||
|Gilt Funds|(pooled investment||vehicles)|||152,863,046|||||152,863,046|
|Equities||||||||||||
|Property||||||15,779,561|||||15,779,561|
|Cash|||||423 814||||||423 814|
||||||97 714672|169|214090|||6266 928 762||
|As at31|March 2022||||Level 1|Level 2||Level|3||Total|
||||||I||E|E||||
|UK Bonds|||||62,852,675||||||62,852,675|
|Equity Funds (pooled||investment||||144,402,599|||||144,402,599|
|vehicles)||||||||||||
|Equities|||||46,720,056||||||46,720,056|
|Property||||||19,872,892|||||19,872,892|
|Cash|||||2 385041||||||2 385 041|
||||||6119957772|6164|275 491||&|6276 233263||
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|Price inflation|||4.0% pa||
|---|---|---|---|---|
|Rate ofincrease|in allowances||4.5% pa||
|Rate of pension|increases||4.5% pa||
|Rate ofdeferred|pension|increases|4.5% pa||
|Pre-retirement
discount||rate|3.7% pa||
|Past-retirement|discount|rate|2.9%pa||
|Management
expenses|||5.0%ofthe future ordinary|contributions|
|(other than investment||related expenses)|||
|Assets|||Market value||
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