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|
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|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|
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|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|
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||||||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|
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|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|
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|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|