Minutes of Proceedings

Meeting of the NIAMPS Trustee Board held via MS Teams on Wednesday 11 October 2023 at 12:00pm

Present:

• Dr C Archibald (Chair)
• Dr S Aiken OBE
• Mr S Dickson
• Mr K Buchanan
• Mr M Durkan

In attendance: Mrs P McClintock (NIA), Mr M Stone (NIA), Mr N Burns (Scheme Secretary) and Mr C Ward (GAD)

1. STANDARD BUSINESS

1.1 Apologies

There were no apologies.

2. KEY REPORTS FOR DISCUSSION

2.1 Scheme Accounts

Mrs McClintock provided an overview of the Annual Report and Accounts for the year ended 31 March 2023. Mrs McClintock noted that the Accounts are required to be submitted to the Northern Ireland Audit Office (NIAO) by Friday 20th October 2023.

Once they have been audited the Accounts would then be provided to the Comptroller and Auditor General for Certification.

The Trustees considered the accounts and requested clarification on two points:

Page 11 – The decrease in the market value of the investments of £2,296,237 (£2,116,333 increase in 2021-22)

Page 14 – The decrease in the value of the liabilities of £43.9M (£67.7M in 2021-22)

Action: Mrs McClintock to liaise with Mr Ward and circulate additional wording to provide further explanation to the Trustees on the reasons for the decrease in market value and the performance of the fund.