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Since you are talking about children and students, the possessives would be children’s and students’. However, I do not know how many ministries you are talking about. If one, you would write: children’s and students’ ministry. If two, write children’s ministry and students’ ministry...
Upon reading the sentence, most readers would see "MP's" as a possessive, and some would see it as a contraction of "MP is." Only when readers reached "are" would they realize it was a plural. Of course, the apostrophes in both of these examples are unjustified because "MPs" is ...