THE MINISTERS, PENSION FUND REPORT AND ACCOUNTS for the year end6d 31 December 2022
| Page | |||
|---|---|---|---|
| Trustees and Professional | Advisers | ||
| Report ofthe Trustees | 4 —11 | ||
| Auditors' Report to the Trustees |
12-14 | ||
| The Ministers' Pension |
Fund | ||
| Revenue account | 15 | ||
| Net assets statement | 16 | ||
| Notes to the accounts | 17—20 | ||
| Actuarial statement made |
for the purpose ofdisclosure | 21 | |
| Appendices | |||
| Appendix I —MPF Statement offinancial activities |
22 |
| embership | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||||
| Contributing members |
at 1 January | 33 | ||||||
| New members (including |
rejoiners) | |||||||
| Retirees | (4) | |||||||
| Contributing members |
at 31 December | 28 | 33 | |||||
| Deferred members at | 1 January | 15 | 16 | |||||
| Retirees | (2) | |||||||
| Transfer from contributors | 1 | |||||||
| Transferred out of |
Fund | |||||||
| Died | ||||||||
| Transferred to contributors |
||||||||
| Deferred members at |
31 December | 21 | 15 | |||||
| Pensioners (including |
widows) | at | 1 January | 110 | 107 | |||
| Contributing members retiring |
during | the year | ||||||
| Deaths | (5) | (2) | ||||||
| Deferred members | retiring | during the | year | |||||
| Dependants' pensions |
||||||||
| Trivial Commutation | (2) | |||||||
| ExWidows Fund Annuities |
0 | |||||||
| Pensioners (including |
widows) | at | 31 December | 108 | 110 | |||
| Total membership as at 31 December |
157 | 158 |
| Contributing | members | 2022 | 2021 |
|---|---|---|---|
| Age profile | |||
| Under 50 | Male | ||
| Female | |||
| 10 | |||
| 50to 59 | Male | 11 | |
| Female | 5 | ||
| 13 | 16 | ||
| 60 and over | Male | ||
| Female | |||
| TOTAL | 28 | 33 |
| the policy ofthe | the policy ofthe | Trustees to concentrate investme |
nt assets but t |
nt assets but t |
o achieve a wide spread o |
|---|---|---|---|---|---|
| At 31 December | 2022, the portfolio was invested | in the following | Funds (at market values): | ||
| Ministers' Pension Fund |
2022 | 2021 | |||
| Newton | Growth | and Income Fund for Charities | 3,437,448 | 3,706,707 | |
| Newton | SRI Fund for Charities | 1,278,937 | 1,413,626 | ||
| Newton | Global | Higher Income Fund | 106298 | 228 008 | |
| 4 822 683 | 5 | 348341 |
| Notes | 2022 | 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Contributions and benefits |
||||||||||
| Contributions receivable |
and | similar | income | 336,207 | 212,001 | |||||
| Benefits payable | 4 | 524,545 | 474,043 | |||||||
| Other Payments | 5 | 4,736 | 5,037 | |||||||
| Administrative expenses |
6 | 64,815 | 60,064 | |||||||
| (594,096) | (539,144) | |||||||||
| Net contributions/ (withdrawals) |
from | |||||||||
| dealing with members |
(257,889) | (327,143) | ||||||||
| Returns on Investments | ||||||||||
| Investment income |
7 | 110,713 | 113,066 | |||||||
| Increase/(Reduction) in Market Value of |
9 | (398,942) | 693,384 | |||||||
| Investments | ||||||||||
| Profit on Disposal of Ground | Rents | |||||||||
| Profit/(Loss) on Disposal |
of | Investments | 9 | 1,576 | 9,136 | |||||
| Net Return on investments | (286,653) | 815,586 | ||||||||
| Net Increase/(Reduction) | in Fund | during | (544,542) | 488,443 | ||||||
| year | ||||||||||
| Net Assets at beginning | ofyear | 5,412,364 | 4,923,921 | |||||||
| Net Assets at end ofyear | 4,867,822 | 5,412,364 |
| 3.Contributions | receivable and similar income |
receivable and similar income |
2022 | 2021 |
|---|---|---|---|---|
| R | ||||
| Contributions | by ministers | 92,744 | 102,785 | |
| Ministers' additional voluntary |
contributions | 5,673 | 6,386 | |
| Contributions | by congregations | 92,745 | 102,785 | |
| Subscriptions | from Ministers | Benevolent Society and donations | 145,045 | 45 |
| 336,207 | 212,001 |
| 4.Benefits payable | 2022 | 2021 | |
|---|---|---|---|
| Pensions payable and Widows |
Fund Annuities | 399,691 | 396,332 |
| Lump sums payable | 124,854 | 77,711 | |
| 524,545 | 474,043 | ||
| 5.Other payments | 2022 | 2021 | |
| Death Benefit policy premiums | 4,736 | 5,037 | |
| 4,736 | 5,037 | ||
| 6.Administrative expenses |
2022 | 2021 | |
| Administration charges |
30,312 | 28,800 | |
| Actuarial fees | 10,625 | 15,377 | |
| Audit fees | 3,620 | 3,000 | |
| Legal fees | 15,300 | 6,600 | |
| Accountancy and Secretarial fees |
3,200 | 4,711 | |
| Travel and meeting expenses | 182 | ||
| Trustees Liability Insurance |
1,576 | 1,576 | |
| 64,815 | 60,064 | ||
| 7.Investment income |
2022 | 2021 | |
| Dividends from equities |
110,639 | 113,079 | |
| Interest on cash deposits | 74 | (13) | |
| Ground Rent |
|||
| 110,713 | 113,066 |
| 8.Investments | 8.Investments | 2022 | 2021 | ||||
|---|---|---|---|---|---|---|---|
| Cost | Market | Cost | Ilarket | ||||
| Value | Value | ||||||
| -Overseas | Equities | 2,804,192 | 4,822,683 | 2,878,003 | 5,348,341 | ||
| 2,804,182 | 4,822,883 | 2,878,003 | 5,348,341 |
| 9.Movement In Investments |
9.Movement In Investments |
Market | Value | |||
|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||
| Investments at beginning |
ofyear | 5,348,341 | 4,848,314 | |||
| Investments purchased |
during | year | 4,708 | 9,507 | ||
| Proceeds from Ground | rents | sold during | year | less costs to sell | ||
| Proceeds from Investments sold during |
year | (133,000) | (212,000) | |||
| 5,220,049 | 4,645,821 | |||||
| Net increase/(reduction) | in market value | during | year | (397,366) | 702,520 | |
| Market Value of Investments | held at end of | year | 4,822,683 | 5,348,341 |
| 10.Debtors | 2022 | 2021 | |
|---|---|---|---|
| Contributions | owed | 1,739 | 2,738 |
| Prepaid expenses | 1,576 | ||
| 1,739 | 4)314 | ||
| 11 Creditors | 2022 | 2021 | |
| Accrued expenses | 70,002 | 36,420 | |
| 70,002 | 36,420 |
| INCOME AND EXPENDITURE | INCOME AND EXPENDITURE | INCOME AND EXPENDITURE | INCOME AND EXPENDITURE | Unrestricted | Unrestricted | ||||
|---|---|---|---|---|---|---|---|---|---|
| funds | funds | ||||||||
| 2022 | 2021 | ||||||||
| Notes | |||||||||
| Incoming resources | |||||||||
| Contributions receivable |
and | similar | 336,207 | 212,001 | |||||
| income | |||||||||
| Investment income |
110,713 | 113,066 | |||||||
| 446,920 | 325,067 | ||||||||
| Resources expended | |||||||||
| Direct expenditure | —benefits payable | 524,545 | 474,043 | ||||||
| Direct expenditure | —other payments | 4,736 | 5,037 | ||||||
| Management and |
administration | 64,815 | 60,064 | ||||||
| expenses | (594,096) | (539,144) | |||||||
| Net outgoing resources |
for the | year | (147,176) | (214,077) | |||||
| Increase/(Reduction) | in market | value of | 9 | (398,942) | 693,384 | ||||
| investments | |||||||||
| Profit on Disposal of Ground | rents | ||||||||
| Profit/(Loss) on Disposal |
of | Investments | 1,576 | 9,136 | |||||
| (397,366) | 702,520 | ||||||||
| Net movement in |
funds | (544,542) | 488,443 | ||||||
| Balances brought | forward | at | 1 | 5,412,364 | 4,923,921 | ||||
| January | |||||||||
| Balances carried December |
forward | at 31 | 4,867,822 | 5,412,364 |