2024-12-31-accounts

THE MINISTERS’ PENSION FUND REPORT AND ACCOUNTS for the year ended 31 December 2024

THE MINISTERS’ PENSION FUND

Contents for the year ended 31 December 2024

	Page
Trustees and Professional Advisers	3
Report of the 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 of disclosure	21
Appendices
Appendix I – MPF Statement of financial activities	22

Page 2

THE MINISTERS’ PENSION FUND

Trustees and Professional Advisers as at 31 December 2024

Trustees

Rev J Bowes (Chairman) Rev L Readett Mrs M Baker (Treasurer) Mrs H Dumpleton Mrs J Couper Mr J Teagle A Appleyard (co-opted 20 March 2025)

Professional Advisers

Atkin Pensions Cornwall House Blythe Gate Blythe Valley Park Solihull B90 8AF

Investment Managers

BNY Mellon Fund Managers Ltd 160 Queen Victoria Street London EC4V 4LA

Administrators

Atkin Pensions Cornwall House Blythe Gate Blythe Valley Park Solihull B90 8AF

Auditors

Scott Roberts Taylor & Co Central Buildings 5-7 Corporation Street Hyde, Cheshire, SK14 1AG

Solicitor

Roderick Ramage (Until May 2024) Copehale, Coppenhall, Stafford ST18 9BW

Honorary Secretary Jeffrey Teagle 15 Lordsfield Gardens Overton Basingstoke, RG15 3EW

Page 3

THE MINISTERS’ PENSION FUND

Report of the Trustees

for the year ended 31 December 2024

The Trustees are pleased to submit their annual report on the operation of the Funds, together with the accounts of the Funds for the year ended 31 December 2024.

Constitution of Fund

The Ministers’ Pension Fund was established in its present form on 1 January 1971 to provide retirement and death benefits to full-time ministers and others as more particularly described in the rules. It is a registered charity (reg. no. 235410) and is registered with HMRC under the Finance Act 2004 (reg. no. PSTR 00258294RP).

Regulatory Status

In March 2005 one of the solicitors employed by OPRA, the predecessor of the Pensions Regulator (TPR), involved in our negotiations with OPRA for an extension of time to comply with the minimum funding requirement, told our solicitor that the Department for Work and Pensions (DWP) had obtained separate legal opinions from two senior barristers that some church schemes, which had approached the DWP, would not be occupational pension schemes under the new definition of “occupational pension scheme” in s1 of the Pensions Act 1993, to be brought into force in substitution for the then present definition. On the basis of those opinions, he told our solicitor that, if the MPF were to apply to TPR, TPR would remove it from its register of pension schemes. The grounds for this is that the Fund was not established by employers for employees. The Fund did so apply and was removed from the register. HMRC confirmed that it remained a registered scheme under the tax regime for pension schemes.

The consequence of not being an occupational scheme is that the Fund is not subject to the statutory scheme specific funding requirements and is also no longer subject to the regulatory requirements of the 1993, 1995 and 2005 Acts; our solicitor will not say categorically that no regulatory requirement applies, as there may be some obscure regulations that do apply, which he has not found.

Whilst this leaves the Trustees to implement, with actuarial advice, the funding and investment decisions which they believe are in the best interests of the Fund and its members, the Trustees intend on a voluntary basis to apply the reporting and accounting obligations which apply to occupational schemes.

Trustees and Advisers

The names of the present Trustees are set out on page 3. Up to seven Trustees are elected by an annual meeting of the Fund (of whom not more than three shall be ministers) and three Trustees (of whom not more than one shall be a minister) are appointed by the Executive Committee of the General Assembly of Unitarian and Free Christian Churches. Trustees elected or appointed shall hold office for three years but shall be eligible for re-appointment.

Throughout 2024 the Fund was administered by the Trustees in accordance with the by-laws set out in schedule 1 of the general meeting of 11 April 2007, as updated by the general meetings of 8 November 2022 and 13 September 2023. The update of 13 September 2023 took effect from 1 January 2024.

On the recommendation of the Trustees, a general meeting may alter, amend, rescind or replace the byelaws in accordance with Rule 8 except for Rule 2 which shall not be alterable except in the event of amalgamation with any Society having similar or allied objects.

Page 4

THE MINISTERS’ PENSION FUND Report of the Trustees - continued

for the year ended 31 December 2024

The Board of Trustees is required to meet at least three times in every year. The votes of a majority of those present or participating shall decide all questions. During 2024, all meetings, including the Annual General Meeting, were held online by Zoom, in accordance with the powers granted at a General Meeting held on 4 October 2022.

The advisers to the Fund were appointed by the Trustees. The names of the present advisers are shown on page 3.

Data Protection Act 1998 (‘the Act’)

Under the Act, The Trustees (the Data Controller) are required to inform members that information is held about them and to notify members of the purposes for which the information is held. The Trustees use individual member information for the purposes of administering members’ pension benefits. In order to do so, the Trustees will need to disclose member information to the Administrators and such other professional advisers and other third parties whom the Trustees have chosen to assist in the administration of the Fund. It may be necessary for the Trustees to hold certain information, such as medical or health details, which is deemed to be ‘sensitive personal data’ under the Act. The Act requires that if the Trustees hold such information, the express consent of the member is obtained.

A member may request details of personal information held by the Trustees. Requests for such information should be addressed to Mr Jeffrey Teagle, the Data Protection Officer appointed by the Trustees. If a member believes that information held by the Trustees is incorrect or incomplete, such information, if found to be incorrect or incomplete, will be promptly corrected.

The Trustees have produced a Data Protection Policy Statement, which has been circulated to all members and pensioners.

Actuarial position

The next full actuarial valuation will take place in 2026, based upon the annual results as at 31 December 2025.

THE MINISTERS’ PENSION FUND

Report of the Trustees - continued for the year ended 31 December 2024

Page 5

Membership
		2024		2023
Contributing members at 1 January	29		28
Adjustments	2		-
New members (including rejoiners)	1		1
Retirees	(1)		-
	______		______
Contributing members at 31 December		31		29
Deferred members at 1 January	17		21
Adjustments 2- Retirees0 (3)
Transfer from contributors	0		0
Transferred out of Fund	0		0
Died	0		(1)
Transferred to contributors	0		0
	______		______
Deferred members at 31 December		19		17
Pensioners (including widows) at 1 January	111		108
Adjustments	(9)		-
Contributing members retiring during the year	0		3
Deaths	(4)		(2)
Deferred members retiring during the year	1		0
Dependants’ pensions	2		2
Trivial Commutation	0		0

THE MINISTERS’ PENSION FUND

Report of the Trustees - continued

for the year ended 31 December 2024

for	the year ended 31 December 2024
Ex Widows Fund Annuities Pensioners (including widows) at 31 December	0 0 101 111
Total membership as at December 31	151 157
Page 6

Contributing members Age profile Under 50 Male Female 50 to 59 Male Female 60 and over Male Female TOTAL		2024 6 6 7 4 7 1 12 11 8 31		2023 5 5
				10
				9 5
				14
				3 2
				5
				29

THE MINISTERS’ PENSION FUND

Report of the Trustees - continued for the year ended 31 December 2024

Page 7

THE MINISTERS’ PENSION FUND

Report of the Trustees - continued

for the year ended 31 December 2024

Benefit review

Following the actuarial valuation surplus of £394,000 reported in the 2023 accounts, following actuarial consultation, the Trustees awarded a one-off bonus to pensioners equal to one month’s pension and payable in December 2024.

Additional Voluntary Contributions

Ministers are reminded that they may pay Additional Voluntary Contributions to the Ministers’ Pension Fund of up to the maximum in one year of their Stipend and Manse Allowance. Such contributions are tax deductible and are not subject to any deduction for expenses of management.

In 2024, the number of Ministers making Additional Voluntary Contributions was 1 (2 last year).On 31 December 2024, taking into account the Nil% (Nil% last year) bonus granted, the value of the Contributors’ balances was £48,077 for 8 Ministers (£45,077 for 8 Ministers last year).The annual bonus is now linked to the pensions increase policy determined by the Trustees after taking advice from the Actuary.

Review of the financial development of the Fund

The accounts for the year have been prepared and audited in accordance with the regulations made under section 41(I) and (6) of the Pensions Act 1995.

The value of the Fund increased as follows in the course of the year:

This year Last year MPF by Increase £110,967 (2.3%) to Increase £43,287 (0.9%) to £4,911,109 £5,022,076

This was after taking account of the excess of expenditure over income, (i.e. excluding changes in the market value of investments), which was

This year Last year £ £ Ministers’ Pension Fund (210,571) (231,926)

Management of the Fund

The overall management of the Fund is vested in the Trustees who were appointed at the AGM on 9[th] July 2024 and whose names appear on Page 3 of this report. The management of the investment assets of the Fund is handled by BNY Mellon Fund Managers Ltd. There is no charge for this service as all the investments are BNY Mellon Funds and the individual funds charge a service fee.

Page 8

THE MINISTERS’ PENSION FUND

Report of the Trustees - continued

for the year ended 31 December 2024

Investment policy and performance

The portfolio is invested in a selection of funds holding UK and overseas equities as well as fixed income assets. There is a restriction on direct investment in tobacco products. The policy followed reflects the investment objectives of meeting the Fund’s long-term commitment to provide pension benefits linked to ‘Maximum Stipend’, ‘Maximum Manse Allowance’ and years of service. It is not the policy of the Trustees to concentrate investment assets but to achieve a wide spread of risk.

At 31 December 2024, the portfolio was invested in the following Funds (at market values):

Ministers’ Pension Fund	2024	2023
	£	£
Newton Growth and Income Fund for Charities 3,300,243		3,530,699
Newton SRI Fund for Charities	1,427,589	1,355,697
Newton Global Higher Income Fund	2,287	2,185

4,730,119 4,888,581

Page 9

THE MINISTERS’ PENSION FUND

Report of the Trustees - continued

for the year ended 31 December 2024

The Current situation

1. Communications

Copies of annual reports are sent to all Members. A record of service and a benefit statement is due to be sent to all contributing Members.

2. Indemnity Insurance

The Trustees have again taken out trustee indemnity insurance during the year. The relevant authority has been granted by the Charity Commissioners.

3. The expenses of the Fund

The administrative expenses at £59,907 represent 1.2% (£66,819 and 1.4% last year) of the value of the Fund. It remains the Trustees’ aim not to exceed 1.5%, subject to any adverse movement in the value of our investments.

4. Donation from Ministers Benevolent Society

Following the decision by the trustees of the Ministers Benevolent Society to gift annual surpluses to the Fund, during 2024 payments of £10,000 were received (2023 £30,000).

5. Strategic Review

During 2023, the trustees gave prime consideration to the complexities of transferring the administration of the Fund from Mercer to Atkin Pensions, a course of action that had been a direct result of the strategic review process. Although the 2022 donation of £125,000 from the Thornton Fund assisted in improving the financial standing of the Fund, the trustees are aware of the need to undertake a further strategic review.

Page 10

THE MINISTERS’ PENSION FUND

Report of the Trustees - continued

for the year ended 31 December 2024

Statement of Trustees’ responsibilities for the accounts

The purpose of this statement is to distinguish the Trustees’ responsibilities for the accounts from those of the Auditors as stated in their report.

Although they are not required to do so, the Trustees have, under the Occupational Pension Schemes (Requirement to obtain Audited Accounts and a statement from the Auditor) Regulations 1996, obtained audited accounts showing a true and fair view of the financial transactions of the Fund during the year and of the disposition, at the end of the year, of those of the Fund’s assets and liabilities which would be required by statute to be included. Those accounts state whether they have been prepared in accordance with the Statement of Recommended Practice on pension scheme accounts and disclose other information specified in the Regulations.

The Trustees were formerly responsible under section 58 of the Pensions Act 1995 and the MFR Regulations for ensuring that there is prepared, maintained and from time to time revised, a schedule of contributions showing the rates of contributions payable to the Fund by or on behalf of the congregations and the active members of the Fund and the dates on or before which such contributions are to be paid. The Trustees are also responsible, as a principle of good practice, for keeping records in respect of the contributions received in respect of the active members of the Fund and for procuring contributions that are made in accordance with the schedule of contributions.

These requirements, in conjunction with the general law relating to trusts, imply that the Trustees are also expected to:

(i) maintain accounting records and select suitable accounting policies and then apply them consistently, making judgements and estimates that are reasonable and prudent; and

(ii) state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts: and

(iii) safeguard the Funds’ assets, and hence take reasonable steps for the prevention and detection of error, fraud and other irregularities.

On behalf of the Trustees

…………………………………………………Rev Jeffrey Bowes (Chairman)

…………………………………………………Mrs Marion Baker (Hon Treasurer)

Date:

THE MINISTERS’ PENSION FUND

Page 11

Auditors’ Report to the Trustees for the year ended 31 December 2024

Opinion We have audited the financial statements of the Ministers’ Pension Fund (‘the Scheme’) for the year ended 31 December 2024 which comprise the Revenue Accounts, Net Assets Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

•show a true and fair view of the state of the financial transactions of the Scheme during the year ended 31 December 2024, and of the amount and disposition at that date of its assets and liabilities, other than liabilities to pay pensions and benefits after the end of the year;

•have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

•contain the information specified in Regulation 3A of the Occupational Pension Schemes (Requirement to obtain Audited Accounts and a Statement from the Auditor) Regulations 1996, made under the Pensions Act 1995.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Scheme in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustee’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Scheme’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

THE MINISTERS’ PENSION FUND

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 12

Auditors’ Report to the Trustees - continued for the year ended 31 December 2024

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 11, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the Scheme’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Scheme or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

We obtained an understanding of the legal and regulatory frameworks applicable to the scheme. We determined that the Pensions Act 1995 were the regulations most significant.

We obtained an understanding of how the scheme is complying with the Pension Act 1995 by making enquiries to the management.

We assessed the susceptibility of the scheme's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

• identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;

THE MINISTERS’ PENSION FUND

• understanding how those charged with governance considered and addressed the potential for override of

controls or other inappropriate influence over the financial reporting process;

• identifying and testing journal entries, in particular and journal entries posted with unusual account combinations; and

• assessing the extent of compliance with the relevant laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Page 13

Auditors’ Report to the Trustees - continued for the year ended 31 December 2024

Use of our report

This report is made solely to the members, as a body, in accordance with the Pensions Act 1995. Our audit work has been undertaken so that we might state to the members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Adrian Brooks FCCA (Senior Statutory Auditor) For and on behalf of Scott Roberts Taylor & Co. Accountants and Statutory Auditors Central Buildings 5/7 Corporation Street Hyde Cheshire SK14 1AG

…………………………………

Date: .

THE MINISTERS’ PENSION FUND

Page 14

				Revenue	account
for the year ended 31 December 2024
	Notes		2024		2023
		£	£	£	£
Contributions and benefits
Contributions receivable and similar income	3		199,134		205,309
Benefits payable	4	453,047		484,364
Other Payments	5	5,886		4,268
Administrative expenses	6	59,907		66,819

(518,840)

(555,451)

Net contributions/ (withdrawals) from

(350,142)

THE MINISTERS’ PENSION FUND

dealing with members		(319,706)
Returns on Investments Investment income 7 Increase/(Reduction) in Market Value of Investments 9 Profit on Disposal of Investments 9 Net Return on investments Net Increase/(Reduction) in Fund during year Net Assets at beginning of year Net Assets at end of year	109,135 291,489 30,049	430,673	118,216 273,510 1,703		43,287 4,867,822 4,911,109 393,429
		110,967 4,911,109
		5,022,076

The notes on pages 17 to 20 form part of these accounts

Page 15

Net assets statement As at 31 December 2024

Assets not designated to members Notes 2024 2023 £ £ £ £ Investments 8 4,730,119 4,888,581

THE MINISTERS’ PENSION FUND

Current Assets Debtors 10 Cash at Bank Less Current Liabilities Creditors 11 Net Current Assets Net assets at 31 December 2024 These accounts were approved on Signed on behalf of the Trustees	3,694 374,142	377,836 (85,879) 291,957 5,022,076	6,516 95,502	102,018 (79,490)
				22,528
				4,911,109

Rev Jeffrey Bowes (Chairman)

The notes on pages 17 to 20 form part of

these accounts

Page 16

Notes to the accounts

THE MINISTERS’ PENSION FUND

for the year ended 31 December 2024

1. Basis of accounting

Although they do not apply to the Fund, the accounts have been prepared in accordance with the Occupational Pensions Funds (Requirement to obtain Audited Accounts and a statement from the Auditor) Regulations 1996 and with the guidelines set out in the statement of Recommended Practice Financial Reports of Pension Schemes. In so doing, the Fund has departed from certain provisions contained within the Charities (Accounting and Reporting) Regulations 1995.

The accounts summarise the transactions and net assets of the Fund and deal with the net assets at the disposal of the Trustees. They do not take account of obligations to pay pensions and other benefits which fall due after the end of the Fund year.

The actuarial position of the Fund, which does take account of such liabilities, is dealt with in the actuarial statement on page 21 which, together with these accounts, constitute part of the Fund’s annual report. The accounts should be read in conjunction with the actuarial statements. The last full actuarial valuation was prepared as at 31[st] December 2022.

2. Accounting policies

(a) Investments

(i) Listed investments are included in the statement of net assets at their middle market values at the accounting date.

(b) Contributions and similar income

(i) Contributions and similar income are brought into account on an accruals basis.

(ii) Grants and donations receivable and payable are accounted for on an accruals basis.

(c) Investment income

Investment income is brought into account when it is received by the Fund.

(d) Bank deposit interes t

Interest from bank deposits is accounted for on an accruals basis.

3. Contributions receivable and similar income Contributions by ministers Ministers’ additional voluntary contributions Contributions by congregations Subscriptions from Ministers Benevolent Society and donations	2024 2023 £ £ 93,067 85,421 3,000 4,422 93,067 85,421 10,000 30,045 199,134 205,309

THE MINISTERS, PENSION FUND Page 17

THE MINISTERS’PENSION FUND

Notes to the accounts – continued for the year ended 31 December 2024

4. Benefits payable	2024	2023
	£	£
Pensions payable and Widows Fund Annuities	437,645	413,462
Lump sums payable	15,402	70,902

5. Other payments

Death Benefit policy premiums

453,047	484,364
2024	2023
£	£
5,886	4,268
5,886	4,268
2024	2023
£	£
49,679	52,372
3,900	3,460
-	6,120
3,600	3,200
1,004	-
-	56
1,724	1,611
59,907	66,819
2024	2023
£	£
109,135	118,184
-	32
109,135	118,216

6. Administrative expenses

Administration charges & Actuarial fees Audit fees Legal fees Accountancy and Secretarial fees Bank Charges Travel and meeting expenses Trustees Liability Insurance

7. Investment income

Dividends from equities Interest on cash deposits

Page 18

THE MINISTERS’ PENSION FUND Notes to the accounts – continued for the year ended 31 December 2024

8. Investments

2024

2023

Cost

Cost Market

Market

Value

Value

£ - Overseas Equities 2,436.589 2,436,589 9. Movement in Investments Investments at beginning of year Investments purchased during year Proceeds from Investments sold during year Net increase/(reduction) in market value during year Market Value of Investments held at end of year	£ 4,730,119	£ £ 2,683,711 4,888,581 ~~5,287~~ 2,683,711 4,888,581 Market Value 2024 2023 £ £ 4,888,581 4,822,683 - 685 (480,000) (210,000) 4,408,581 4,613,368 321,538 275,213 4,730,119 4,888,581	£ 4,888,581
	4,730,119		4,888,581

Page 19

THE MINISTERS’ PENSION FUND

			Notes to the accounts – continued	Notes to the accounts – continued
			for the year ended 31 December 2024
10. Debtors	2024	2023
			£	£
Contributions owed			1,870	6,516
Other debtors			1,824	-
			3,694	6,516
11. Creditors	2024	2023
			£	£
Accrued expenses			85,879	79,490
			85,879	79,490

12 Taxation

The Fund is exempt approved under Chapter I of Part XIV of the Income and Corporation Taxes Act 1988 and was not liable to UK income tax on interest and dividends or to capital gains tax.

Page 20

THE MINISTERS’ PENSION FUND

Actuarial statement made for the purpose of disclosure of Information

Actuarial statement made for the purpose of disclosure of information

The Trustees have requested a statement regarding the funding position and contributions required notwithstanding the fact that the Fund is not subject to the requirements of the Pensions Act 2004.

The Security of Prospective Rights

On the basis of the assumptions that were adopted for this valuation, the Fund had a surplus, in relation to accrued benefits, of £394,000 as at 31 December 2022. This represented a funding level of 109%.

It is likely that current contribution levels will be sufficient to cover the accrual of future service.

At the valuation date, contributions were being paid are as set out below:

By Ministers: 10.0% of the total of Stipends and Manse Allowances

By the Churches: 10.0% of the total of Stipends and Manse Allowances

It is recommended that contributions continue to be paid at their current level in order to protect the Fund against potential adverse experience in the future.

Summary of Methods and Assumptions Used

A Projected Unit Method of valuation was used. The funding position at the valuation date was derived by comparing the liabilities for benefits earned before the valuation date with the value of the assets. The liabilities for benefits to be earned in the year after the valuation date were assessed and compared with the value of the contributions due from the Ministers and the Congregations under the By-Laws. The assumptions used include only small margins for prudence and the Fund remains vulnerable to unfavourable experience particularly in relation to the investments and mortality experience.

The assets of the Fund have been valued at their market value as reported in the Accounts. The Trustees should continue to review their investment strategy in light of the increasing maturity of the Fund.

Further details can be obtained from the full actuarial valuation report as at 31 December 2022. The next valuation exercise should be carried out no later than 31 December 2025.

Name: Christopher Mark Atkin Qualification: FIA Address: Cornwall House, Blythe Gate Name of employer: Atkin Pensions Blythe Valley Park, Solihull, B90 8AF

Page 21

THE MINISTERS’ PENSION FUND Appendix 1

Statement of Financial activities for the year ended 31 December 2024

INCOME AND EXPENDITURE Notes Incoming resources Contributions receivable 3 and similar income Investment income 7 Resources expended Direct expenditure – benefits payable 4 Direct expenditure – other payments 5 Management and administration expenses 6 Net outgoing resources for the year Increase in market value of 9 investments Profit on Disposal of 9 Investments	Unrestricted funds 2024 £ £ 199,134 109,135 308,269 453,047 5,886 59,907 (518,840) (210,571) 291,489 30,049	Unrestricted funds 2023 £ £ 205,309 118,216 323,525 484,364 4,268 66,819 (555,451) (231,926) 273,510 1,703
	291,489 30,049	273,510 1,703

321,538

275,213

Net movement in funds Balances brought forward at 1 January Balances carried forward at 31 December	110,967 4,911,109 5,022,076	43,287 4,867,822
		4,911,109

Page 22